August 30 Market Close: GovCon Index Drops, Lockheed & Primes Lead Losses on Low Volume Day

GovConIndexDOWNExecutive Mosaic’s GovCon Index held negative in a light trading session for U.S. stocks Tuesday as defense primes led GCI losses ahead of the July jobs report scheduled for release before markets open Friday.

Tuesday’s decline represents the GovCon Index’s fifth decline over six days in a stretch driven by extended losses in prime stocks such as Lockheed Martin (NYSE: LMT) that has put the GCI on pace to end its streak of six straight months with positive movement.

GovCon Index decliners outnumbered laggers by a roughly 2-to-1 ratio and three of the GCI’s 11 S&P 500-listed stocks registered gains: Harris Corp. (NYSE: HRS),  CSRA (NYSE: CSRA) and Textron (NYSE: TXT).

Vectrus (NYSE: VEC) led all GovCon Index advancers and hit a 52-week high in afternoon trade as the Colorado Springs-based government services contractor traded a volume of 334, 085 shares to exceed the the three-month average fourfold.

Lockheed Martin ended as the GCI’s lowest net performer to post its ninth decline in 11 sessions and is down 10.15 percent over that time since Aug. 16 after the defense contractor’s share repurchases related to the spinoff and merger of its services business into Leidos Holdings (NYSE: LDOS) fell short of guidance to investors.

Other defense primes and S&P 500 stocks among the GovCon Index’s largest net laggers included Huntington Ingalls Industries (NYSE: HII), Boeing (NYSE: BA) and Raytheon (NYSE: RTN).

The S&P 500 fell into negative for the month with Apple a significant drag after the widely-reported European Union decision on the iPhone maker’s low tax payments in Ireland and utilities also led nine sectors lower for the U.S. bellwether stock index.

According to Bloomberg, the S&P 500’s trading volume was 11 percent lower than the 30-day average.

Financial shares were the only gainers in the S&P 500 and have added 3 percent in August on speculation over the timing of the next interest rate hike.

Market Summary

Index Value Net Change % Change
GovCon Index 81.217 -0.387 -0.474%
S&P 500 2, 176.12 -4.26 -0.20%
Dow Jones Industrial Average 18, 454.30 -48.69 -0.26%
NASDAQ 5, 222.99 -9.34 -0.18%
Advancing GovCon Index Issues 20
Declining GovCon Index Issues 10
Unchanged GovCon Index Issues 0

Lowest GovCon Index Net Performers

Symbol Company $ Current Price Net Change ▾ % Change
LMT Lockheed Martin * 239.45 -3.20 -1.32%
BA Boeing * 130.81 -2.09 -1.57%
HII Huntington Ingalls Industries 165.42 -1.57 -0.94%
RTN Raytheon * 140.35 -1.05 -0.74%
MANT ManTech International 40.305 -0.685 -1.671%

Lowest GovCon Index Percentage Performers

Symbol Company $ Current Price Net Change % Change ▾
I Intelsat 2.81 -0.31 -9.94%
MANT ManTech International 40.305 -0.685 -1.671%
BA Boeing * 130.81 -2.09 -1.57%
LMT Lockheed Martin * 239.45 -3.20 -1.32%
CAE CAE 14.00 -0.14 -0.99%

Top GovCon Index Net Performers

Symbol Company $ Current Price Net Change ▴ % Change
VEC Vectrus 34.56 +1.67 +5.08%
MMS Maximus, Inc. 59.10 +0.67 +1.15%
NAV Navistar International 14.76 +0.13 +0.89%
HRS Harris Corp. * 92.73 +0.11 +0.12%
CUB Cubic Corp. 47.45 +0.09 +0.19%

Top GovCon Index Percentage Performers

Symbol Company $ Current Price Net Change % Change ▴
VEC Vectrus 34.56 +1.67 +5.08%
MMS Maximus 59.10 +0.67 +1.15%
NAV Navistar International 14.76 +0.13 +0.89%
CSRA CSRA * 25.54 +0.09 +0.35%
BAH Booz Allen Hamilton 30.58 +0.09 +0.30%

* Also listed in the S&P 500 composite index

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