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August 3 Market Close: GovCon Index Up on ICF Earnings Beat, Huntington Ingalls Lifts Before 2Q Report

GovConIndexUPExecutive Mosaic’s GovCon Index rebounded Friday on gains by ICF International (Nasdaq: ICFI) on a second quarter earnings beat, plus boosts by Huntington Ingalls Industries (NYSE: HII) and Cubic Corp. (NYSE: CUB).

The GovCon Index posted a gain of 0.292 points to 82.476 and six of the GCI’s 11 S&P 500-listed stocks closed positive as the latter index climbed on a rebound in oil prices with the new U.S. jobs report due Friday.

ICF hit a 52-week high in intraday trade after second quarter earnings released post-close Tuesday exceeded analyst expectations and the consulting services contractor also forecasted revenue to hit the high end of its guidance with federal sales growth rate expectations also increased.

Cubic held to its revenue outlook in fiscal year 2016 third quarter financial results released during midday trade with earnings and sales figures below Wall Street’s forecasts.

Huntington Ingalls ended Wednesday as the GCI’s third-best net performer and the military shipbuilder is due to release second quarter figures before markets open Thursday.

Maximus (NYSE: MMS) will detail FY 2016 third quarter earnings prior to the opening bell as the company runs its fiscal calendar on an October-September basis.

Financial and energy shares led gainers for U.S. stocks as crude oil futures in New York settled up 3.3 percent to $40.83 a barrel a day after the benchmark settled below $40 for the first time since April.

Investors also welcomed the July payrolls estimate from ADP and Moody’s Analytics that said companies added 179, 000 jobs to show an increase of 3, 000 from June and exceed the consensus economist expectation of 170, 000, Reuters reported.

Top GovCon Index Net Gainers

Symbol Company $ Current Price Net Change ▴ % Change
MCK McKesson Corp. * 195.14 1.61 0.83%
HII Huntington Ingalls Industries 174.09 1.49 0.86%
ICFI ICF International 42.23 1.40 3.43%
CUB Cubic Corp. 42.63 0.94 2.25%
COL Rockwell Collins 85.17 0.86 1.02%

Top GovCon Index Percentage Gainers

Symbol Company $ Current Price Net Change % Change ▴
ICFI ICF International 42.23 1.40 3.43%
EGL Engility Holdings 31.93 0.76 2.44%
CUB Cubic Corp. 42.63 0.94 2.25%
NAV Navistar International 12.14 0.20 1.68%
TXT Textron * 38.72 0.51 1.33%

* Also listed in the S&P 500 composite index

Market Summary

Advancing GovCon Index Issues 20
Declining GovCon Index Issues 10
Unchanged GovCon Index Issues 0
Index Value Net Change % Change
GovCon Index 82.476 +0.292 +0.355%
S&P 500 2, 163.79 +6.76 +0.31%
Dow Jones Industrial Average 18, 355.00 +41.23 +0.23%
NASDAQ 5, 169.74 +22.00 +0.43%

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