Executive Mosaic’s GovCon Index popped 1.06% to $4,747.52 and recovered from a broad market selloff. Wall Street’s major indexes also turned green on Valentine’s Day. The Nasdaq Composite bounced back together with the S&P 500 (+0.96%) and Dow Jones Industrial Average (+0.40%).
Ride-hailing companies Lyft (Nasdaq: LYFT) and Uber Technologies (NYSE: UBER) gained 35.12% and 14.73% to lead the charge of 2,454 Nasdaq advancers. Besides advancing 2.46%, NVIDIA’s (Nasdaq: NVDA) market cap hit $1.825 trillion to become the third-largest public US company.
On the GovCon Index, 28 of 30 constituents advanced with top performer Kratos Defense & Security Solutions (Nasdaq; KTOS) surging 16.97% to $20.82. Parsons Corporation (NYSE: PSN) was a strong second with +7.35%. Palantir Technologies (NYSE: PLTR) and Fluor Corporation (NYSE: FLR) also outperformed to join the advancers. Only Lockheed Martin (NYSE: LMT) and Boeing (NYSE: BA) closed in the red.
Kratos’ revenue in Q4 and full year 2023 rose 9.8% and 15.5% year-over-year to $273.8 million and $1.037 billion. Notably, net income in Q4 2023 reached $5.6 million compared to the $4.9 million net loss in Q4 2022. The technology company also announced a day before receiving a $579 million single award IDIQ for Space Force SATCOM C2 System.
Parsons popped after reporting record fourth quarter and full year 2023 results for total revenue, organic revenue growth, adjusted EBITDA, operating cash flow, and contract awards. Management said the tech firm continues to win large strategic contracts in the Federal Solutions and Critical Infrastructure segments.
Chicago Fed President Austan Goolsbee spoke mid-week at the Council on Foreign Relations. “Let’s not get amped up on one month of CPI that was higher than it was expected to be,” he said. Goolsbee assures that the hotter-than-expected reading on consumer prices doesn’t mean the Feds won’t be able to cut interest rates in 2024.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,747.52 | 1.68 | 1.06% |
| Dow Jones Industrial Average | 38,424.27 | 151.52 | 0.40% |
| S&P 500 | 5,000.62 | 47.45 | 0.96% |
| NASDAQ | 15,859.15 | 203.55 | 1.30% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| KTOS | 20.82 | 3.02 | 16.97% |
| PSN | 72.41 | 4.96 | 7.35% |
| PLTR | 25.19 | 1.18 | 4.91% |
| FLR | 41.83 | 1.83 | 4.58% |
| AVAV | 126.01 | 3.86 | 3.16% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| ACN | 370.98 | 8.17 | 2.25% |
| CW | 234.65 | 5.74 | 2.51% |
| HII | 280.31 | 5.20 | 1.89% |
| PSN | 72.41 | 4.96 | 7.35% |
| ICFI | 149.87 | 4.27 | 2.93% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| LMT | 418.19 | -8.33 | -1.95% |
| BA | 203.38 | -1.08 | -0.53% |
| NOC | 446.37 | 0.20 | 0.04% |
| LDOS | 121.5 | 0.22 | 0.18% |
| BAESY | 62.26 | 0.13 | 0.21% |
