Executive Mosaic’s GovCon Index sustained momentum and rose 0.84% to $4,696.70 ($156.56 average). Wall Street had a good trading session, with the S&P 500 (+0.82%) notching its eighth record close in 2024 and nearing a new milestone. The Dow Jones Industrial Average (+0.41%) and Nasdaq Composite (+0.95%) finished with solid gains.
Notable gainers on the NYSE were Ford Motor Company (NYSE: F) and Roblox (NYSE: RBLX) after both companies presented strong quarterly earnings. Disney slipped 0.15% at the close but popped 6.71% in after-hours trading. The company reported reduced streaming losses and announced a 50% hike in cash dividends.
More than half of GovCon Index constituents advanced on mid-week. The Carlyle Group (Nasdaq: CGI) and Palantir Technologies (NYSE: PLTR) surged 8.64% and 7.91%, leading 18 gainers. Fluor Corporation (NYSE: FLR) outperformed, too, with +4.73%. Mercury Systems (Nasdaq: MRCY), the worst-performer, plunged 11.4%.
Carlyle shares jumped after reporting record results in 2023, including $426 billion in assets under management and $37 billion from fundraising activities. Its CEO, Harvey M. Schwartz, said, “We enter 2024 with significant momentum and strong operating leverage and are well-positioned to deliver value for all our stakeholders.”
Mercury Systems’ net loss in the first half of fiscal 2024 widened 255.8% year-over-year to $82.3 million. Nevertheless, the near-record $325.4 million of bookings and $37.5 million in positive free cash flow in the second quarter are silver linings moving forward. Its Chairman and CEO, Bill Ballhaus, said fiscal 2024 is a transitional year.
Meanwhile, the State Department said Poland is interested in buying an aerostat-based radar system from the Raytheon arm of RTX (NYSE: RTX). The military spending of $1.2 billion includes tanks, missiles, and F-35 combat jets.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 156.56 | 1.31 | 0.84% |
| Dow Jones Industrial Average | 38,677.36 | 156.00 | 0.41% |
| S&P 500 | 4,995.06 | 40.83 | 0.82% |
| NASDAQ | 15,756.64 | 147.64 | 0.95% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| CG | 44.24 | 3.52 | 8.64% |
| PLTR | 23.6 | 1.73 | 7.91% |
| FLR | 40.31 | 1.82 | 4.73% |
| HII | 274.74 | 8.52 | 3.20% |
| J | 143.58 | 3.67 | 2.62% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| HII | 274.74 | 8.52 | 3.20% |
| NOC | 453.9 | 5.73 | 1.28% |
| TTEK | 174.38 | 4.16 | 2.44% |
| J | 143.58 | 3.67 | 2.62% |
| CG | 44.24 | 3.52 | 8.64% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| MRCY | 26.8 | -3.45 | -11.40% |
| VVX | 37.88 | -0.32 | -0.84% |
| MMS | 77.96 | -0.45 | -0.57% |
| AVAV | 124.35 | -0.66 | -0.53% |
| BAESY | 61.77 | -0.31 | -0.50% |
