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November 16 Market Close: GovCon Index Lower as Defense Primes Slow Post-Election Surge

GovConIndexDOWNExecutive Mosaic’s GovCon Index traded lower Wednesday on sell-offs in its largest defense prime components as U.S. stocks also held modestly down with financial stocks and utilities among the most notable decliners.

GovCon Index laggards outnumbered gainers by a 2-to-1 ratio and all 11 of its S&P 500 components fell with Lockheed Martin (NYSE: LMT) the biggest drag on the GCI overall and among co-listed companies.

Seven GovCon Index-S&P 500 companies shed at least $1.00 and three tumbled by more than $2.00.

Northrop was followed in the GCI’s lowest five net performers by Northrop Grumman (NYSE: NOC), General Dynamics (NYSE: GD), Boeing (NYSE: BA) and medical equipment supplier McKesson Corp. (NYSE: MCK).

Large-cap defense primes drove the GovCon Index to four straight days of gains by at least 1-percent until Tuesday on investor anticipation of military spending increases in a Donald Trump administration.

Advances by military shipbuilder Huntington Ingalls Industries (NYSE: HII) and government services contractor CACI International (NYSE: CACI) helped pare the GovCon Index’s decline despite the clear ratio of GCI components in favor of decliners.

Since the Nov. 8 election,  Huntington Ingalls’ stock has traded 15.92 percent higher and shares in CACI have added 14.59 percent.

Technology shares helped lift the NASDAQ to a modest gain while the S&P 500 and Dow Jones Industrial Average posted modest declines as eight S&P sectors moved lower.

Futures markets have the odds of a December interest rate hike at more than 90 percent and investors also looked at unchanged readings in the U.S. producer price index and industrial production for October, according to CNBC.

Market Summary

Index Value Net Change % Change
GovCon Index 87.001 -0.371 -0.425%
S&P 500  2, 176.94 -3.45 -0.16%
Dow Jones Industrial Average 18, 868.14 -54.92 -0.29%
NASDAQ 5, 294.58 +18.96 +0.36%
Advancing GovCon Index Issues 9
Declining GovCon Index Issues 21
Unchanged GovCon Index Issues 0

Lowest GovCon Index Net Performers

Symbol Company $ Current Price Net Change ▾ % Change
LMT Lockheed Martin * 263.35 -2.58 -0.97%
GD General Dynamics * 165.84 -2.18 -1.30%
NOC Northrop Grumman * 245.39 -2.06 -0.83%
BA Boeing * 146.44 -1.67 -1.13%
MCK McKesson Corp. * 141.48 -1.39 -0.97%

Lowest GovCon Index Percentage Performers

Symbol Company $ Current Price Net Change % Change ▾
KBR KBR 15.81 -0.62 -3.77%
GD General Dynamics * 165.84 -2.18 -1.30%
BA Boeing * 146.44 -1.67 -1.13%
TXT Textron Inc * 44.62 -0.51 -1.13%
CUB Cubic Corp. 49.00 -0.55 -1.11%

Top GovCon Index Net Gainers

Symbol Company $ Current Price Net Change ▴ % Change
HII Huntington Ingalls Industries 174.38 +3.13 +1.83%
CACI CACI International 122.45 +2.66 +2.22%
ICFI ICF 50.70 +0.55 +1.10%
MMS Maximus 54.39 +0.50 +0.93%
BAH Booz Allen Hamilton 35.14 +0.07 +0.20%

Top GovCon Index Percentage Gainers

Symbol Company $ Current Price Net Change % Change ▴
CACI CACI International 122.45 +2.66 +2.22%
HII Huntington Ingalls Industries 174.38 +3.13 +1.83%
ICFI ICF 50.70 +0.55 +1.10%
MMS Maximus 54.39 +0.50 +0.93%
CAE CAE 14.30 +0.04 +0.28%

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