Executive Mosaic’s GovCon Index rose 0.4% and finished higher at $5,277.31 to start a new trading week. The Dow Jones Industrial Average (+0.55%) hit a new record close, while the S&P 500 (+0.13%) inched higher. However, tech stocks retreated and pulled down the Nasdaq Composite (-0.52%).
Apple (Nasdaq: AAPL) declined 2.78% due to slow pre-orders of iPhone 16. Qorvo (Nasdaq: QRVO), the provider of radio frequency chips and antenna components for the iPhone, tumbled 6.68%. Oracle (Nasdaq: ORCL) popped 5.1% after investment research firms noted the software company’s partnerships with leading cloud providers and strong cloud computing business.
The GovCon Index ended positive for the third straight session. CACI (NYSE: CACI), Carlyle Group (Nasdaq: CG) and Palantir Technologies (NYSE: PLTR) advanced more than 2% to lead 22 gainers. AeroVironment (Nasdaq: AVAV), Monday’s worst performer, tanked 9.68%.
CACI announced it will acquire Azure Summit Technology for $1.275 billion. The acquisition will help enhance the Department of Defense’s capabilities through Azure’s advanced radio frequency technology and skilled engineering team. CACI expects a $194 million tax benefit over the next 15 years.
Global investment firm Carlyle made a strategic investment in North Bridge to help the provider of real estate finance solutions address the ever-growing market needs and financial requirements of commercial real estate owners. Palantir Technologies is one week away from officially joining the S&P 500 Index.
AeroVironment plunged after a regulatory filing showed a protest against the U.S. government regarding its $990 million Switchblade contract with the Army. The federal Government Accountability Office received the complaint and will decide by mid-December 2024.
The U.S. Army awarded Northrop Grumman Systems, a subsidiary of Northrop Grumman (NYSE: NOC) a $54.7 million cost-plus-fixed-fee contract for the defense experimentation using commercial space internet. The contract seeks to use multi-band satellite communications antennas suitable for military aircraft.
Wall Street’s major indexes settled mixed ahead of the central bank’s interest-rate decision. Many expect US Fed Chairman Jerome Powell to announce a rate cut on Wednesday, the first since the global pandemic.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 5,277.31 | 20.99 | 0.40% |
| Dow Jones Industrial Average | 41,622.08 | 228.30 | 0.55% |
| NASDAQ | 17,592.13 | -91.85 | -0.52% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| CACI | 490.37 | 14.13 | 2.97% |
| CG | 41.08 | 1.03 | 2.57% |
| PLTR | 36.31 | 0.72 | 2.02% |
| HII | 265.21 | 3.66 | 1.40% |
| ACN | 354.12 | 4.54 | 1.30% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| CACI | 490.37 | 14.13 | 2.97% |
| ACN | 354.12 | 4.54 | 1.30% |
| HII | 265.21 | 3.66 | 1.40% |
| LMT | 572.92 | 3.01 | 0.53% |
| GD | 307.55 | 2.75 | 0.90% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| AVAV | 173.52 | -18.59 | -9.68% |
| KTOS | 22.15 | -0.34 | -1.51% |
| MRCY | 37.48 | -0.54 | -1.42% |
| BA | 155.55 | -1.22 | -0.78% |
| KBR | 61.79 | -0.44 | -0.71% |
