Executive Mosaic’s GovCon Index gained 0.13% to $5,032.33 before the weekend, its fourth winning session in five days. On Wall Street, the Dow Jones Industrial (+0.32%) extended its daily gain to eight, while the S&P 500 (0.16%) rose modestly. Only the Nasdaq Composite (-0.03%) tilted toward red territory.
Precision instruments provider Mettler-Toledo (NYSE: MTD) lifted the S&P 500 with its 17.04% gain. Tech stocks sputtered, although the world’s largest chip manufacturer, Taiwan Semiconductor (NYSE: TSM), rose 4.53%. McDonalds (NYSE: MCD) was the top Dow Jones advancer with +2.63%.
Parsons (NYSE: PSN) led 19 GovCon Index gainers on news of a new five-year contract worth $20 million. The VIA Metropolitan Transit Authority selected the digitally enabled solutions provider to complete the final design of the Advanced Rapid Transit program for the VIA Rapid Green Line in San Antonio, Texas.
Maximus (NYSE: MMS) outperformed after reporting stellar financial results. In the three months ended March 31, 2024, revenue increased 11.7% year-over-year to $1.35 billion, while net income ballooned 153.3% to $80.5 million compared to Q2 fiscal 2024. In the first half of the year, revenue and profit climbed 8.9% and 101.5% to $2.67 billion and $144.6 million versus the same period in fiscal 2023.
Mercury Systems (Nasdaq: MRCY) topped 11 decliners following the disappointing earnings results. In Q3 fiscal 2024, net loss reached $44.6 million. For the nine months, net loss widened 531.2% year-over-year to $126.8 million. With the -1.91% drop, the stock’s year-to-date loss is now 23.5%.
The U.S. Army awarded Lockheed Martin (NYSE: LMT) Missiles and Fire Control a $332.1 million modification to the contract for the Guided Multiple Launch Rocket System.
On Friday, the University of Michigan Survey of Consumers sentiment index for May showed a sharp drop due to inflation fears. The reading was 67.4, a six-month low and 12.7% lower than the 77.2 in April. According to Joanne Hsu, the survey’s director, consumers are worried that inflation, unemployment, and interest rates might be moving in an unfavorable direction in 2024.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 5,032.33 | 6.51 | 0.13% |
| Dow Jones Industrial Average | 39,512.84 | 125.08 | 0.32% |
| S&P 500 | 5,222.68 | 8.60 | 0.16% |
| NASDAQ | 16,340.87 | -5.39 | -0.03% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| PSN | 78.58 | 1.57 | 2.04% |
| MMS | 84.76 | 1.09 | 1.30% |
| HON | 202.92 | 2.29 | 1.14% |
| BAH | 156.06 | 1.72 | 1.11% |
| TTEK | 213.73 | 1.37 | 0.65% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| HON | 202.92 | 2.29 | 1.14% |
| BAH | 156.06 | 1.72 | 1.11% |
| PSN | 78.58 | 1.57 | 2.04% |
| TTEK | 213.73 | 1.37 | 0.65% |
| NOC | 474.8 | 1.37 | 0.29% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| MRCY | 27.99 | -0.84 | -2.91% |
| PLTR | 20.6 | -0.54 | -2.55% |
| BA | 178.51 | -2.74 | -1.51% |
| FLR | 38.65 | -0.38 | -0.97% |
| SAIC | 135.09 | -0.66 | -0.49% |
