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May 18 Market Close: GovCon Index Nudges Gain on Booz Allen, McKesson Boosts

GovConIndexUPThe GovCon Index hovered in neutral territory during the final two hours of trade Wednesday and closed at a gain of 0.220 points to 77.591 despite its descent from a strong early afternoon session.

The GCI hit volatility in conjunction with the S&P 500 composite index shortly after 2 p.m. upon the release of the Federal Reserve‘s April meeting minutes that indicated a willingness among central bank policymakers to raise interest rates in June if data showed continued improvement in the U.S. economy.

According to Bloomberg, futures traders have priced in 32-percent odds of a rate increase after a lift to 14 percent Tuesday from data on customer inflation, housing starts and industrial production that exceeded analyst estimates.

Booz Allen Hamilton (NYSE: BAH) was the GCI’s top percentage gainer Tuesday by 5.20 percent — also $1.43 — after the McLean, Virginia-based government consulting firm said its full-year revenue increased for the first time in three periods.

The firm’s fiscal 2017 earnings and revenue guidance was just shy of Wall Street’s expectations and traders exchanged 2.6 million shares in Booz Allen versus the 10-day average of close to 1 million.

Pharmaceutical services company McKesson (NYSE: MCK) ended Wednesday as the GCI’s top net gainer at $6.38 — also 3.68 percent — and is up 8.41 percent over three days since it announced a new drug supply agreement with Wal-Mart.

Top GovCon Index Net Gainers

Symbol Company $ Current Price Net Change ▴ % Change
MCK McKesson Corp.* 179.89 +6.38 +3.68%
BAH Booz Allen Hamilton 28.94 +1.43 +5.20%
SAIC SAIC 52.13 +0.68 +1.32%
RTN Raytheon* 130.52 +0.68 +0.52%
NOC Northrop Grumman* 214.14 +0.54 +0.25%

*Also listed in the S&P 500 composite index

Top GovCon Index Percentage Gainers

Symbol Company $ Current Price Net Change % Change ▴
BAH Booz Allen Hamilton 28.94 +1.43 +5.20%
MCK McKesson Corp.* 179.89 +6.38 +3.68%
SAIC SAIC 52.13 +0.68 +1.32%
CSRA CSRA* 24.42 +0.28 +1.16%
VEC Vectrus 23.69 +0.27 +1.15%

Market Summary


Advancing GovCon Index Issues 16
Declining GovCon Index Issues 14
Unchanged GovCon Index Issues 0
Index Value Net Change % Change
GovCon Index 77.421 +0.669 +0.857%
S&P 500 2, 047.21 +0.42 +0.02%
Dow Jones Industrial Average 17, 529.98 -3.36 -0.02%
NASDAQ 4, 715.73 +23.39 +0.50%
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