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.
With the U.S. Federal Reserve on pause, the easing of its monetary policy remains uncertain. However, despite moderating inflation and cooling consumer spending, several Fed officials expect only one rate cut this year.
Navy has five open solicitations covering shipyard, hypersonics, propulsion, training and fabrication The contracts range from small business research funding…
SAIC will provide systems engineering, technical integration and mission support for ground-based intelligence programs The recompete award pushes SAIC’s Intel…
Chuck Brooks is the president of Brooks Consulting International and one of Executive Mosaic’s GovCon Experts. Most people associate the Department of…
CGI Federal has been tapped to continue supporting GSA’s financial systems environment The Momentum-as-a-Service model bundles software licensing, hosting and…
