April 8 Market Close: GovCon Index Hits Late PM Volatility, Ends at Nominal Weekly Decline

GovConIndexUPThe GovCon Index gradually tumbled from a strong open Friday and fell sharply in late afternoon trade to end at a nominal gain of 0.197 points to 74.227, which puts the GCI at a weekly loss for the second time in three weeks.

The GCI posted a nominal 0.103-point loss from the April 1 close that includes Thursday’s sharp decline of nearly 1 percent as U.S. investors struggled to get clear direction on economic growth prospects as first quarter earnings season approaches.

LinkedIn Join Us

Thomson Reuters data projects first quarter earnings for S&P 500 companies — which includes 11 GCI stocks — to decline 7.6 percent from the same period last year.

Lockheed Martin (NYSE: LMT) will kick off earnings reporting season for the U.S.’ five largest government contractors April 26, followed by Boeing (NYSE: BA) and Northrop Grumman (NYSE: NOC) April 27 and Raytheon (NYSE: RTN) April 28.

General Dynamics (NYSE: GD) has not announced the date of its first quarter earnings release but the “Big Five” contractors traditionally report their January-March financial results in the same week.

Losses among biotechnology stocks offset gains by energy shares on a 6.6-percent jump in U.S. crude oil futures to $39.72 a barrel after government data showed the country’s stockpiles fell 5 million barrels last week.

Top GovCon Index Gainers

Symbol Company $ Current Price Net Change % Change
BAESY BAE Systems 28.16 +0.61 +2.21%
CAE CAE 11.29 +0.19 +1.71%
NAV Navistar International 11.63 +0.16 +1.39%
VEC Vectrus 22.15 +0.26 +1.19%
GD General Dynamics * 132.91 +1.52 +1.16%

* Also listed in the S&P 500 composite index

Market Summary

Advancing GovCon Index Issues 21
Declining GovCon Index Issues 9
Unchanged GovCon Index Issues 0
Index Value Net Change % Change
GovCon Index 74.227 +0.197 +0.266%
S&P 500 2, 047.60 +5.69 +0.28%
Dow Jones Industrial Average 17, 576.96 +35.00 +0.20%
NASDAQ 4, 850.69 +2.32 +0.05%

Video of the Day

GovCon Wire Logo

Sign Up Now! GovCon Wire provides you with Daily Updates and News Briefings about Financial Report

Related Articles