August 11 Market Close: GovCon Index Swings Positive on Orbital ATK Rebound & Lockheed Rise

GovConIndexUPExecutive Mosaic’s GovCon Index staged a rally Thursday to barely miss a new record close as Orbital ATK (NYSE: OA) regained some ground from a record plunge in the previous session and Lockheed Martin (NYSE: LMT) rose to a new 52-week high in intraday trade.

The Index closed 0.179 points shy of the current record close set August 5 after the July jobs report exceeded economists’ expectations.

Gainers outnumbered laggers by a roughly 4-to-1 ratio, eight of the GovCon Index’s 11 S&P 500-listed stocks advanced and five GCI companies including Lockheed hit 52-week highs during the Thursday session.

Orbital ATK led all gainers in net and percentage a day after the aerospace and defense contractor said it would revise almost two years of financial results on misstatements related to a 10-year contract to make ammunition for the U.S. Army.

The Dulles, Virginia-based company’s stock posted its worst one-day decline in a year Wednesday after the accounting review announcement.

Vectrus (NYSE: VEC) also rebounded and was the GCI’s second-best percentage performer during Thursday trade to regain lost ground from Wednesday after the government services contractor reported flat year-over-year net income and revenue figures along with a boost to full-year earnings and sales guidance.

New 52-week intraday highs outside of Lockheed included CGI Group (NYSE: GIB), ManTech International (Nasdaq: MANT), Raytheon (NYSE: RTN) and Science Applications International Corp. (NYSE: SAIC).

Military shipbuilder Huntington Ingalls Industries (NYSE: HII) also closed in green with fellow large primes Northrop Grumman (NYSE: NOC) and Boeing (NYSE: BA), while L-3 Communications (NYSE: LLL) was the GCI’s second-worst net performer.

Energy shares led gains in the U.S. stock bellwether S&P 500 composite index that also closed at a record high as crude oil prices lifted and retail stocks also gained on quarterly earnings reports that exceeded Wall Street’s expectations.

Crude futures in New York settled up 4.27 percent to $43.49 a barrel and the international Brent benchmark in London added 4.29 percent to $45.92 after Saudi Arabia’s oil minister said OPEC members would discuss potential moves to stabilize prices at a September 26-28 meeting in Algeria.

Market Summary

IndexValueNet Change% Change
GovCon Index82.615+0.368+0.447%
S&P 5002, 185.79+10.30+0.47%
Dow Jones Industrial Average18, 613.52+117.86+0.64%
NASDAQ5, 228.40+23.81+0.46%
Advancing GovCon Index Issues22
Declining GovCon Index Issues6
Unchanged GovCon Index Issues0

Top GovCon Index Net Gainers

SymbolCompany$ Current PriceNet Change ▴% Change
OAOrbital ATK74.153.364.75%
RTNRaytheon *142.321.531.09%
LMTLockheed Martin *262.541.240.47%
LDOSLeidos Holdings48.741.162.44%
VECVectrus31.961.023.30%

Top GovCon Index Percentage Gainers

SymbolCompany$ Current PriceNet Change% Change ▴
OAOrbital ATK74.153.364.75%
NAVNavistar International13.320.584.55%
VECVectrus31.961.023.30%
LDOSLeidos Holdings48.741.162.44%
IIntelsat2.730.062.25%

* Also listed in the S&P 500 composite index

GovCon Wire Logo

Receive the Daily News Briefing And Events Updates Straight to Your Inbox

Related Articles