Executive Mosaic’s GovCon Index and U.S. stocks fell Tuesday at their worst one-day declines over the past month as investors looked ahead to President Donald Trump’s speech before a joint session of Congress at 9:00 p.m. Eastern time for further clues on his economic agenda that has included promises of tax cuts, deregulation and defense spending increases.
GovCon Index decliners outnumbered advancers by a 9-to-1 ratio with S&P 500-listed Boeing (NYSE: BA), BAE Systems PLC (U.S. over-the-counter) and Huntington Ingalls Industries (NYSE: HII) the lone three GCI stocks to register gains.
All three gainers also reached 52-week highs during the session, while Lockheed Martin (NYSE: LMT) retreated more than $2.00 to lead all co-listed stocks lower a day after the stock added nearly 2 percent and paced gains among the GCI’s major aerospace-and-defense primes.
ICF (Nasdaq: ICFI) ended as the GCI’s largest decliner in Tuesday trade after the Fairfax, Va.-based government consulting contractor issued 2017 earnings and revenue guidance below the consensus analyst forecast, while fourth quarter profit and sales numbers also missed Wall Street’s expectations.
CACI International (NYSE: CACI) closed second-lowest for GCI net performers behind ICF.
Eight GCI companies posted losses of at least $1.00 Tuesday: ICF, CACI, Lockheed, Science Applications International Corp. (NYSE: SAIC), Northrop Grumman (NYSE: NOC), Harris Corp. (NYSE: HRS), McKesson Corp. (NYSE: MCK), General Dynamics (NYSE: GD).
Consumer discretionary stocks led nine major S&P sectors lower on Target’s quarterly earnings miss and dim guidance, while utilities and consumer staples advanced.
For the month of February, the GovCon Index posted a gain of 5.93 percent versus the S&P 500’s climb of 3.71 percent.
|Index||Value||Net Change||% Change|
|Dow Jones Industrial Average||20,812.38||-24.93||-0.12%|
|Advancing GovCon Index Issues||3|
|Declining GovCon Index Issues||27|
|Unchanged GovCon Index Issues||0|
Lowest GovCon Index Net Performers
|Symbol||Company||$ Current Price||Net Change ▾||% Change|
|LMT||Lockheed Martin *||266.58||-2.78||-1.03%|
|NOC||Northrop Grumman *||247.09||-1.51||-0.61%|
Lowest GovCon Index Percentage Performers
|Symbol||Company||$ Current Price||Net Change||% Change ▾|
GovCon Index Gainers
|Symbol||Company||$ Current Price||Net Change ▴||% Change|
|HII||Huntington Ingalls Industries||218.50||+0.37||+0.17%|