Author: Aidan Daly|| Date Published: June 24, 2024
Executive Mosaic’s GovCon Index inched lower Friday but the substantial gains in three of four trading sessions averted a fourth straight weekly loss. The index, which tracks the stock performances of 30 major government contractors, advanced 1.89% week-on-week to finish higher at $4,979.17.
The S&P 500 (+0.6%) and Nasdaq Composite (+0.003%) had thin weekly gains, notwithstanding several new closing highs. On the other hand, the blue-chip Dow Jones Industrial Average (+1.45%) registered its best winning week since May.
Notable performers on the GovCon Index are Accenture (NYSE: ACN) and V2X (NYSE: VVX), gaining 9.44% and 8.8%, respectively, during the shortened trading week. Accenture popped 7.29% on Thursday after the professional services company reported over $900 million in generative AI bookings.
AeroVironment (Nasdaq: AVAV) and Palantir Technologies (NYSE: PLTR) tanked 6.93% and 6.73% Friday but remain the top two GCI performers year-to-date, with +50.33% and +38.85%. Market analysts see Palantir Technologies rising soon following a new outer space deal.
On Thursday, Starlab Space, a global joint venture of Airbus, MDA Space, Mitsubishi Corporation, and Voyager Space, made Palantir Technologies a strategic partner. The software company and major AI player will be the exclusive supplier of enterprise-wide software data management solutions for the Starlab commercial space station.
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