Executive Mosaic’s GovCon Index ended its four-day winning streak, following a 0.01% slip to $4,986.08. Stock movement was limited mid-week, although the Dow Jones Industrial Average (+0.44%) rose for the sixth consecutive session. The benchmark S&P 500 was flat, while the Nasdaq Composite (-0.18%) drifted lower.
Amgen (Nasdaq: AMGN) and 14 other Dow Jones components lifted the blue-chip index. The healthcare stock rose 2.33% and is still trending higher due to the progress of its obesity drug. Tripadvisor plummeted 28.73% after the special committee formed by the online travel information and booking website advised against a potential sale.
The GovCon Index leaned toward the negative side as decliners outnumbered gainers, 17 to 13. Kratos Defense & Security Solutions (Nasdaq: KTOS) advanced 5.76%, while Boeing (NYSE: BA), also a Dow Jones member, gained 2.06%. Jacobs (NYSE: J) and KBR (NYSE: KBR) led the losing bunch.
Kratos released its Q1 2024 earnings results Wednesday, showing a 19.6% year-over-year increase in revenue to $277.2 million. Net income reached $1.3 million, compared to the $7 million net loss in Q1 2023. Its president and CEO, Eric DeMarco, said Kratos is uniquely positioned to meet the needs of its government customers and system integrator partners.
The launch date of Boeing’s CST-100 Starliner has been postponed and moved to a later date. NASA said the pressure valve on the Atlas V rocket carrying the space capsule needs to be replaced. The debut flight, with two astronauts on board, was supposed to be May 6.
Also, on Wednesday, the U.S. Army awarded Lockheed Martin (NYSE: LMT) an $861.3 million firm-fixed-price contract for the production of High-Mobility Artillery Rocket Systems and supporting services.
With U.S. stocks moving in a narrow range due to the absence of new economic reports, the ten-year Treasury yield climbed three basis points to 4.492%. The initial jobless claims and consumer sentiment data are due Thursday and Friday.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,986.08 | -0.60 | -0.01% |
| Dow Jones Industrial Average | 39,056.39 | 172.13 | 0.44% |
| S&P 500 | 5,187.67 | -0.03 | -0.00% |
| NASDAQ | 16,302.76 | -29.80 | -0.18% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| KTOS | 19.84 | 1.08 | 5.76% |
| BA | 180.35 | 3.64 | 2.06% |
| LDOS | 145.5 | 2.65 | 1.86% |
| AVAV | 181.46 | 1.87 | 1.04% |
| PLTR | 21.56 | 0.16 | 0.75% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| BA | 180.35 | 3.64 | 2.06% |
| LDOS | 145.5 | 2.65 | 1.86% |
| AVAV | 181.46 | 1.87 | 1.04% |
| CACI | 422.69 | 1.68 | 0.40% |
| ACN | 311.99 | 1.33 | 0.43% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| J | 138.51 | -3.13 | -2.21% |
| KBR | 66.49 | -0.82 | -1.22% |
| CG | 41.48 | -0.50 | -1.19% |
| MRCY | 28.77 | -0.34 | -1.17% |
| TXT | 86.72 | -0.77 | -0.88% |
