Executive Mosaic’s GovCon Index declined 0.11% to $5,479.30, matching the four-day losing streak of the Dow Jones Industrial Average (-0.33%). However, the broader S&P 500 (+0.21%) ended its losing run, while the Nasdaq Composite (+0.76%) recovered from Wednesday’s steep loss.
TESLA (Nasdaq: TSLA) outperformed Thursday with +21.92%, its best performance in 10 years. Besides the better-than-expected earnings in the third-quarter, the electric vehicle maker plans to produce more-affordable models starting in 2025. However, International Business Machines (NYSE: IBM) plunged 6.17% after quarterly revenue results fell below analysts’ estimates.
GovCon Index Movers
On the side of federal government contractors, the GovCon Index had more decliners than gainers. CACI International (NYSE: CACI), the top performer among 13 advancers, popped 5.43%. Textron (NYSE: TSX) and Honeywell (Nasdaq: HON), dropped sharply to lead 17 underperformers.
CACI announced its Q1 fiscal 2025 results that showed top and bottom-line growth. In the three months ending Sept. 30, 2024, revenues and net income rose 11.2% and 39% to $2.06 billion and $120.2 million compared to Q1 fiscal 2024. Around 75% of the $3.3 billion contract awards in the first quarter are new business. The professional services and IT firm raised its full-year guidance.
Textron tanked 6.19% after reporting a 17% net income drop in Q3 2024 versus Q3 2023 to $223 million. According to the industrial conglomerate, the recent strike of the International Association of Machinists and Aerospace Workers District 70 adversely impacted the quarterly results.
Honeywell, also a Dow Jones component, declined 5.1% despite reporting a 6% year-over-year sales growth in Q3 2024 to $9.7 billion from a year ago. The aviation and safety equipment manufacturer lowered its sales guidance for 2024. From $39.1 billion to $39.7 billion, the revised forecast is now $38.6 billion to $38.8 billion.
Labor Market Update
Also, on Thursday, the Department of Labor released the initial jobless claims report. Around 227,000 filed applications in the week ending Oct. 19, a drop from 241,000 the week prior and the lowest level in a month. Oren Klachkin, a financial market economist at Nationwide, told clients, “In a testament to its resiliency, the job market continues to shrug off prevailing worries and uncertainties.”
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 5,479.30 | -6.11 | -0.11% |
| Dow Jones Industrial Average | 42,374.36 | -140.59 | -0.33% |
| NASDAQ | 18,415.49 | 138.84 | 0.76% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| CACI | 552.55 | 28.45 | 5.43% |
| PLTR | 43.56 | 0.97 | 2.28% |
| BAH | 166.55 | 3.29 | 2.02% |
| CG | 50.11 | 0.86 | 1.75% |
| NOC | 523.68 | 7.28 | 1.41% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| CACI | 552.55 | 28.45 | 5.43% |
| NOC | 523.68 | 7.28 | 1.41% |
| BAH | 166.55 | 3.29 | 2.02% |
| AVAV | 215.66 | 0.98 | 0.46% |
| PLTR | 43.56 | 0.97 | 2.28% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| TXT | 81.49 | -5.38 | -6.19% |
| HON | 209.1 | -11.24 | -5.10% |
| MRCY | 33.19 | -0.61 | -1.80% |
| ACN | 364.23 | -6.40 | -1.73% |
| CW | 344.31 | -5.86 | -1.67% |
