Author: Ross Wilkers|| Date Published: January 21, 2016
The GovCon Index suffered a loss of 1.324 percent to 70.492 Thursday driven by a plunge in Engility Holdings (NYSE: EGL) shares after the contractor issued fiscal year 2016 guidance that forecasts a sharp drop in earnings from 2015 outlook.
Chantilly, Va.-based Engility’s 2016 guidance sees earnings of between $1.00 and $1.15 per share compared to the $2.05-$2.35 range for 2015.
Engility’s stock decline amounted to an impact of 0.462 points — or 0.65 percent — on the Index, which has declined 8.48 percent for January and 10.35 percent from its most recent high of 78.631.
Executive Mosaic has determined the Index as of Thursday’s close to be in a correction, or at least 10 percent down from its most recent high.
U.S. stocks turned positive on gains in crude oil futures and news that the European Central Bank could put forth additional stimulus in March, according to the Wall Street Journal.
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The GovCon Index suffered a loss of 1.324 percent to 70.492 Thursday driven by a plunge in Engility Holdings (NYSE: EGL) shares after the contractor issued fiscal year 2016 guidance that forecasts a sharp drop in earnings from 2015 outlook.
