The GovCon Index stretched its current streak of gains to five Tuesday by 0.212 points to 79.746 on an upgrade to L-3 Communications (NYSE: LLL) and a spike in Navistar International (NYSE: NAV) shares despite a full-year revenue guidance cut.
Credit Suisse lifted its target price on L-3 to $169.00 and held a “Buy” rating on the New York City-based defense contractor, which hit a new 52-week high of $145.22 shortly after 2 p.m. Eastern time and closed at a gain of 1.94 percent.
Armored truck manufacturer Navistar cut its sales outlook for 2016 on lower volumes in its U.S. and Canada markets but the stock surged 19.57 percent as investors looked at the company’s second-quarter earnings that exceeded analyst expectations.
U.S. stocks held positive thanks to gains in energy shares on a 1.35-percent rise in the U.S. crude oil benchmark to $50.36 a barrel as healthcare stocks were largely the worst performers.
Top GovCon Index Net Gainers
|Symbol||Company||$ 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||19|
|Declining GovCon Index Issues||11|
|Unchanged GovCon Index Issues||0|
|Index||Value||Net Change||% Change|
|S&P 500||2, 112.13||+2.72||+0.13%|
|Dow Jones Industrial Average||17, 938.28||+17.95||+0.10%|