June 2 Market Close: GCI Turns Around AM Decline, L-3 Hits 52-Week High on $2B AF Logistics Contract

GovConIndexUPThe GovCon Index swung back into positive territory after an early morning decline Thursday and closed at a gain of 0.314 points to 78.927 as U.S. investors looked toward the release of Friday’s jobs report before markets open.

L-3 Communications (NYSE: LLL) hit a new 52-week high in intraday trade after the New York City-based defense contractor was selected for a nine-year, $1.9 billion contract to carry out logistics work on the Air Force‘s KC/KDC-10 refueling aircraft.

U.S. stocks have started June on a largely muted basis as investors have started to focus on the Federal Reserve‘s mid-month meeting that could feature another interest rate increase with the payrolls report due Friday as a gauge for investors to determine the central bank’s path, according to Bloomberg.

Crude oil futures in New York settled up one-half percent to $49.23 a barrel as the global Brent benchmark in London added 0.6 percent to $50.05 despite news that OPEC member countries did not agree on a production target at their meeting in Vienna.

Top GovCon Index Net Gainers

Symbol Company $ Current Price Net Change ▴ % Change
MCK McKesson Corp.* 187.79 +3.26 +1.77%
LLL L-3 Communications* 139.86 +1.58 +1.14%
OA Orbital ATK 89.77 +1.21 +1.37%
RTN Raytheon* 132.16 +0.92 +0.70%
HON Honeywell International* 114.53 +0.59 +0.52%

Top GovCon Index Percentage Gainers

Symbol Company $ Current Price Net Change % Change ▴
NAV Navistar International 11.62 +0.47 +4.22%
I Intelsat 3.52 +0.08 +2.33%
CSRA CSRA* 25.67 +0.54 +2.15%
MCK McKesson Corp.* 187.79 +3.26 +1.77%
OA Orbital ATK 89.77 +1.21 +1.37%

* Also listed in the S&P 500 composite index

Market Summary

Advancing GovCon Index Issues 22
Declining GovCon Index Issues 8
Unchanged GovCon Index Issues 0
Index Value Net Change % Change
GovCon Index 78.613 +0.507 +0.649%
S&P 500 2, 105.26 +5.93 +0.28%
Dow Jones Industrial Average 17, 838.56 +48.89 +0.27%
NASDAQ 4, 971.36 +19.11 +0.39%

You may also be interested in...

Gil Dussek CEO Gunnison Consulting Group

Gunnison Buys Federal IT Service Management Firm G2SF; Gil Dussek Quoted

Gunnison Consulting Group has acquired Global Solutions & Services Frameworks for an undisclosed sum to expand its information technology service management, mobile computing and cybersecurity capabilities in the federal government services market. “This deal aligns with our modernization strategy and we remain focused on improving critical government programs, while driving long-term innovation to meet evolving customer demands," said Gunnison CEO Gil Dussek.


Cybersecurity Firm Telos Launches IPO

Telos (Nasdaq: TLS) targeted to raise approximately $254M from the Ashburn, Virginia-based cybersecurity company's initial public offering Thursday, offering 15M shares of common stock with pricing at $17 each.