Executive Mosaic’s GovCon Index retreated mid-week, closing 0.23% lower at $5,436.84. Escalating Middle East tensions continue to hound Wall Street, although all three major indexes ended positive on narrow gains.
Despite heightened geopolitical risks, 19 S&P 500 stocks traded at new 52-week highs. However, Humana (NYSE: HUM) in the healthcare sector plunged 11.79% following a drop in its Medicare Star ratings. Athletic footwear and apparel giant Nike (NYSE: NIKE) declined 6.77% after recalling its full-year guidance.
Gainers and decliners, 15 and 15, were even on the GovCon Index. Palantir Technologies (NYSE: PLTR), Jacobs (NYSE: J) and Kratos Defense & Security Solutions (Nasdaq: KTOS) advanced more than 2% on the winning side. AeroVironment (Nasdaq: AVAV), the worst performer, declined 3.36% to $204.
Palantir formed a strategic partnership with Edgescale AI. Integrating Palantir Edge AI and Edgescale AI’s distributed infrastructure technology will deliver Live Edge. The latter aims to operationalize AI in manufacturing, utilities and other complex industrial environments.
Jacobs will expand its digital and data-driven product portfolio after securing a new five-year contract with Lincoln-Sewer Management District 1 Wastewater Authority. The technical professional services firm will operate, maintain and manage LiSWA’s wastewater treatment and reclamation facility as well as increase and optimize its biosolids management processing and storage capacity.
Science Applications International Corp. (Nasdaq: SAIC) rose 1.8% following an upgrade by JP Morgan (NYSE: JPM) analyst Seth M. Seifman. Seifman raised his price target for SAIC from $150 to $170. He projects the information technology company’s growing pipeline to reach $130 billion in FY 2024.
The U.S. Air Force awarded Raytheon, an RTX (NYSE: RTX) business, a $73 million delivery order under the Enterprise-Wide Agile Acquisition contract to enhance the hypersonic attack cruise missile’s manufacturing capacity.
Richmond Fed President Tom Barkin attended the University of North Carolina Wilmington economic conference on Wednesday. He supported the 50 basis points cut in September but said, “There is still work to do on inflation.” Market analysts expect the Feds to lower interest rates by 0.25% in November.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 5,436.84 | -12.25 | -0.23% |
| Dow Jones Industrial Average | 42,196.52 | 39.55 | 0.09% |
| NASDAQ | 17,925.12 | 14.76 | 0.08% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| PLTR | 37.49 | 1.03 | 2.83% |
| J | 135.08 | 3.01 | 2.28% |
| KTOS | 25.34 | 0.52 | 2.10% |
| SAIC | 143.31 | 2.54 | 1.80% |
| BAESY | 69.18 | 1.08 | 1.59% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| ACN | 356.29 | 4.31 | 1.22% |
| J | 135.08 | 3.01 | 2.28% |
| SAIC | 143.31 | 2.54 | 1.80% |
| CW | 338.51 | 1.60 | 0.47% |
| BAESY | 69.18 | 1.08 | 1.59% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| AVAV | 204 | -7.09 | -3.36% |
| BAH | 161.31 | -2.08 | -1.27% |
| HII | 261.52 | -3.13 | -1.18% |
| ICFI | 164.57 | -1.82 | -1.09% |
| HON | 203.88 | -2.19 | -1.06% |
