The GovCon Index outpaced narrow activity in U.S. financial markets Tuesday with a sharp gain of 1.258 percent to 76.924 Tuesday on Lockheed Martin‘s (NYSE: LMT) lift of its full-year earnings and revenue outlook and subsequent positive swings by many prime aerospace and defense contractors.
Lockheed led all net change gainers at $5.86 or 2.59 percent to close 6 cents short of a 52-week high after the company raised its 2016 top-line forecast and boosted revenue guidance for all business segments.
Other defense primes Boeing (NYSE: BA), General Dynamics (NYSE: GD) and Northrop Grumman (NYSE: NOC) posted gains ahead of their first-quarter earnings statements scheduled for release before markets open Wednesday.
Boeing’s stock rose $2.49 or 1.9 percent; General Dynamics by $1.92 or 1.4 percent; and Northrop at $2.84 or 1.41 percent.
Rocket and spacecraft maker Orbital ATK (NYSE: OA) gained $2.24 or 2.64 percent and ended Tuesday as GCI’s fifth-largest net change gainer and fourth-largest percentage mover.
Shares in Raytheon (NYSE: RTN) climbed $2.71 or 2.16 percent and the Waltham, Mass.-based weapons maker reports first-quarter earnings before markets open Thursday.
U.S. stocks posted mixed results Tuesday as gains in energy shares were offset by losses among healthcare and technology stocks as the Federal Reserve started its two-day meeting of policymakers set to conclude Wednesday.
Top GovCon Index Net Change Gainers
|Symbol||Company||$ Current Price||Net Change ▴||% Change|
* Also listed in the S&P 500 composite index
Top GovCon Index Percentage Gainers
|Symbol||Company||$ Current Price||Net Change||% Change ▴|
|Advancing GovCon Index Issues||26|
|Declining GovCon Index Issues||4|
|Unchanged GovCon Index Issues||0|
|Index||Value||Net Change||% Change|
|S&P 500||2, 091.70||+3.91||+0.19%|
|Dow Jones Industrial Average||19, 990.32||+13.08||+0.07%|