The GovCon Index stumbled from the open Friday and closed down 0.551 points to 79.942 as investors continued to pull back from the GCI’s six-day prior rally and U.S. stock benchmark S&P 500’s three-day stretch of gains that ended Thursday.
Despite Friday’s decline, the GCI ends the week up 1.20 percent to record its fourth consecutive gain over a five-day period helped by upgrades to prime defense contractor stocks such as L-3 Communications (NYSE: LLL) and other strong performances from large caps such as Boeing (NYSE: BA), General Dynamics (NYSE: GD) and Northrop Grumman (NYSE: NOC).
Friday’s top GCI performers included Harris Corp. (NYSE: HRS) on a “Buy” rating initiation and $95.00 price target set by Citigroup analysts on a potential $900 million cash flow opportunity for the military radio maker in as little as two years.
Both the GCI and overall U.S. stock markets were boosted early in the week by investor sentiment that interest rates will only go up one more time this year and the global economy can handle a move but traders reset expectations Thursday and Friday ahead of the Federal Reserve‘s two-day policy meeting Tuesday and Wednesday.
Top GovCon Index Net Gainers
|Symbol||Company||$ Current Price||Net Change ▴||% Change|
Top GovCon Index Percentage Gainers
|Symbol||Company||$ Current Price||Net Change||% Change ▴|
*Also listed in the S&P 500 composite index
|Advancing GovCon Index Issues||5|
|Declining GovCon Index Issues||24|
|Unchanged GovCon Index Issues||1|
|Index||Value||Net Change||% Change|
|S&P 500||2, 096.07||-19.41||-0.92%|
|Dow Jones Industrial Average||17, 865.34||-119.85||-0.67%|