October 27 Market Close: GovCon Index Closes Down, Stocks Decline on Goods Data

The GovCon Index failed to recover from morning session losses Tuesday and closed with a nominal decline of 0.052 points to 75.304.

Textron (NYSE: TXT) led all Index gainers at 4.15 percent to $40.43 after the conglomerate reported a 9-percent profit increase in its third quarter and earnings that exceeded Wall Street analyst forecasts despite a year-over-year sales decline on fewer V-22 deliveries.

Orbital ATK (NYSE: OA) jumped 2.64 percent to $84.66 on third quarter earnings and revenue above Wall Street analyst estimates and the company also raised its full-year guidance for both figures.

Wednesday will feature a new slate of earnings reports from General Dynamics (NYSE: GD),  Northrop Grumman (NYSE: NOC),  Booz Allen Hamilton (NYSE: BAH) and ManTech International (Nasdaq: MANT).

Booz Allen will state results from the second quarter of its 2016 fiscal year and the other three run their fiscal calendars on a January-December basis.

Northrop, Boeing (NYSE: BA) and Lockheed Martin (NYSE: LMT) will learn after Tuesday’s closing bell the U.S. Air Force‘s selection of who will build the service branch’s Long Range Strike Bomber under a contract that could be worth between $55 billion and $80 billion.

U.S. stocks turned downward after the latest report on durable goods orders indicated a 1.2-percent decline in September after a negative read for August, CNBC reported.

The Federal Reserve will end its two-day policy meeting in February and release a statement at 2 p.m. Wednesday that investors will examine for potential clues on an interest rate increase at the central bank’s next gathering in December, CNBC said.

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