Executive Mosaic’s GovCon Index closed slightly higher at $4,848.68 (+0.16%) compared to the moderate losses of Wall Street’s main indexes. The Dow Jones Industrial Average (-0.06%) declined for the third straight session, while the Nasdaq Composite (-0.55%) and S&P 500 (-0,17%) closed in the red.
Beyond Meat (Nasdaq: BYND) soared 30.72% following its better-than-expected sales in Q4 2023. The plant-based meat producer also announced a business reset for higher margins in 2024. UnitedHealth (NYSE: UNH) slipped 2.95% after news broke out that the U.S. Department of Justice launched an antitrust investigation into the healthcare conglomerate.
Despite the downward pressure and mild retreat, seven of the 11 S&P 500 primary sectors advanced mid-week. Moreover, the benchmark index recorded 56 new 52-week highs and only one new low.
On the GovCon Index, advancers and decliners were evenly matched. Boeing (NYSE: BA) and Mercury Systems (Nasdaq: MRCY) led 15 winners, while Kratos Defense & Security Solutions (Nasdaq: KTOS) and ICF (Nasdaq: ICF) were the top decliners among 15 stocks.
The Federal Aviation Administration gave Boeing 90 days to present a plan to fix quality problems and meet safety standards for building new planes. FAA’s directive came after the regulator met with top company officials.
Mercury Systems (Nasdaq: MRCY), the second-best performer, was awarded a $243.75 million firm-fixed-price, indefinite-delivery/indefinite-quantity contract by the U.S. Navy to produce and deliver Digital Radio Frequency Memory units. The contract supports the Navy’s Small Business Innovation Research Phase III.
Meanwhile, the U.S. Army awarded Northrop Grumman (NYSE: NOC) Systems a $92 million firm-fixed-price contract for production and delivery of the XM343 Standoff Activated Volcano Obstacle system.
Also on Wednesday, the Commerce Department reported a robust 3.2% Gross Domestic Product in the fourth quarter of 2024. Still, investors want to see the personal consumption expenditures inflation data coming out Thursday, the Feds’ preferred inflation gauge.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,848.68 | 8.00 | 0.16% |
| Dow Jones Industrial Average | 38,949.02 | -23.39 | -0.06% |
| S&P 500 | 5,069.76 | -8.42 | -0.17% |
| NASDAQ | 15,947.74 | -87.56 | -0.55% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| BA | 207 | 5.60 | 2.78% |
| MRCY | 29.57 | 0.26 | 0.89% |
| HII | 291.85 | 2.36 | 0.82% |
| LHX | 213.19 | 1.45 | 0.68% |
| KBR | 59.81 | 0.39 | 0.66% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| BA | 207 | 5.60 | 2.78% |
| HII | 291.85 | 2.36 | 0.82% |
| LMT | 432.48 | 2.05 | 0.48% |
| LHX | 213.19 | 1.45 | 0.68% |
| CACI | 372.08 | 0.82 | 0.22% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| KTOS | 18.34 | -0.34 | -1.82% |
| ICFI | 152.81 | -2.62 | -1.69% |
| GIB | 114.8 | -0.99 | -0.85% |
| BAESY | 63.22 | -0.51 | -0.80% |
| MMS | 83.41 | -0.48 | -0.57% |
