Executive Mosaic’s GovCon Index is back in positive territory after rising 0.23% to $4,840.68. The Dow Jones Industrial Average (-0.25%) declined, while the S&P 500 (+0.17%) and Nasdaq Composite (+0.23%) posted modest gains. Still, Wall Street’s major indexes closed near record levels.
Norwegian Cruise Line (NYSE: NCLH) outperformed on the S&P 500 with a 19.84% gain. The cruise ship company reported a return to profitability in 2023, $166 million in net income, and gave a positive Q1 2024 guidance.
Meanwhile, two-thirds of the GovCon Index constituents posted gains, nine closed lower, and L3Harris Technologies (NYSE: LHX) was flat. The top performers were Palantir Technologies (NYSE: PLTR) and AeroVironment (Nasdaq: AVAV). V2X (NYSE: VVX) and BAE Systems led the decliners.
General Dynamics (NYSE: GD) and RTX (NYSE: RTX) were among the 20 GCI advancers. The former’s business unit, General Dynamics Land Systems, was awarded a $210.3 million hybrid contract by the U.S. Army. RTX’s business segment, Raytheon, was awarded a $73.9 million cost-plus-fixed-fee modification to a previously awarded contract by the U.S. Navy.
The earnings season is winding down, but the encouraging news and tailwind is the strong earnings growth. According to Bloomberg Intelligence, the fourth quarter earnings of S&P companies that have reported so far grew 7.7% year-over-year. It dwarfed the +1.2% pre-earnings season estimate and was the highest beat rate since the fourth quarter of 2021.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,840.68 | 11.27 | 0.23% |
| Dow Jones Industrial Average | 38,972.41 | -96.82 | -0.25% |
| S&P 500 | 5,078.18 | 8.65 | 0.17% |
| NASDAQ | 16,035.30 | 59.05 | 0.37% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| PLTR | 24.53 | 0.97 | 4.12% |
| AVAV | 126.85 | 4.61 | 3.77% |
| CG | 44.82 | 0.91 | 2.07% |
| MRCY | 29.31 | 0.56 | 1.95% |
| FLR | 36.11 | 0.66 | 1.86% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| AVAV | 126.85 | 4.61 | 3.77% |
| CACI | 371.26 | 2.55 | 0.69% |
| ICFI | 155.43 | 1.64 | 1.07% |
| LMT | 430.43 | 1.25 | 0.29% |
| HII | 289.49 | 1.16 | 0.40% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| VVX | 37.83 | -0.84 | -2.17% |
| BAESY | 63.73 | -0.80 | -1.24% |
| TTEK | 175.81 | -2.00 | -1.12% |
| MMS | 83.89 | -0.73 | -0.86% |
| CW | 236.03 | -1.98 | -0.83% |
