ManTech International Corp
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Industrials : Professional Services | Small Cap Value
Company profile

ManTech International Corporation is a provider of technology solutions and services for the United States intelligence community, defence and federal civilian agencies. The Company is engaged in offering a spectrum cyber, data collection and analytics, enterprise information technology (IT) and systems engineering and software application development solutions that supports national and homeland security. It provides services and solutions that support missions of national priority, such as global cyber operations, military operational readiness, information technology (IT) and digital modernization, and national security threat intelligence and analytics. It focuses on cyber network operations, defence, analytics, hardening and resilience, security orchestration, automation and response, range and training, and risk management and compliance. It also provides model-based systems engineering, predictive analytics, data/computational science, and cloud engineering solutions.

Closing Price
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0.32 (0.44%)
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U.S. stock market ends higher in partial rebound from Friday selloff as Biden says omicron won't lead to `shutdowns or lockdowns'

4:53 pm ET November 29, 2021 (MarketWatch)

By Vivien Lou Chen and Mark DeCambre

Nasdaq Composite posts biggest one-day gain since May

The Nasdaq Composite Index notched its biggest daily gain since May, while Dow industrials and the S&P 500 had their largest percentage climbs in more than a month, after President Joe Biden told Americans the fight against the omicron variant of coronavirus won't involve "shutdowns or lockdowns."

How did stock indexes trade?

In a holiday-shortened session on Friday, the Dow slumped 905.04 points, or 2.5%, to 34,899.34, with the index logging its worst daily drop since Oct. 28, 2020, according to FactSet data. The S&P 500 fell 106.84 points, or 2.3%, to 4,594.62, and the Nasdaq Composite sank 353.57 points, or 2.2%, to 15,491.66.

What drove the market?

Stocks staged a partial comeback following the worst day in more than a year for the Dow and S&P 500 on Black Friday, amid lingering concerns over the new omicron variant of the coronavirus. In a televised address about the variant, Biden said omicron is a cause for concern but not panic, and the fight against the variant won't involve "shutdowns or lockdowns." He also said that "we'll fight this variant with scientific and knowledgeable actions and speed, not chaos and confusion," and that vaccines likely offer protection against the COVID strain."On Thursday, I'll be putting forward a detailed strategy outlining how we're going to fight COVID this winter -- not with shutdowns or lockdowns, but with more widespread vaccinations, boosters, testing and more," the president said during a speech at the White House.Omicron has been detected in at least a dozen countries and a number of countries have imposed flight bans from countries in southern Africa, where the variant was first discovered. On Friday, the World Health Organization's technical advisory group declared it a "variant of concern."

Read: 'Markets don't bottom on a Friday': COVID stock rout puts these S&P 500 levels in focus when trading resumes

"With Covid dominating headlines, the market is grappling with how rising case counts could impact Fed policy and economic growth," said Nicholas Gaskell, a portfolio manager at Eaton Vance WaterOak Advisors. For now, "investors are buying the dip" following last week's selloff, Gaskell wrote in an email to MarketWatch.Little is known about omicron, but some investors were focusing on preliminary indications of "mild" symptoms among those who had tested positive.Dr. Angelique Coetzee, the South African doctor who was first to spot the new variant, told the BBC over the weekend that patients she had seen had "extremely mild symptoms." But she added that it wasn't clear yet how the disease would affect more vulnerable people, a view that was echoed elsewhere.

Read:U.S. health officials urge caution, but not panic, over omicron variant

A flash poll of financial-market participants taken on Monday showed that only 10% of 1,569 respondents thought the omicron variant will be the biggest topic at year-end, according to Deutsche Bank research. Sixty percent said it would still be an issue of only moderate importance, and 30% said it would be largely forgotten about.

Shares of Moderna Inc.(MRNA) rallied for a second session Monday, on hopes for the quick development of an omicron-specific booster vaccine.

Meanwhile, investors will be watching out for the November nonfarm payroll on Friday for a snapshot into the health of the U.S. economy. "I believe we are seeing a market that is trying to find its way," Mark Stoeckle, chief executive of Adams Funds ADX, said in an email to MarketWatch. "Investors should understand that what happened on Friday was largely driven by algorithm trading. Fundamental trading was hard to find outside of some managers who are likely trailing the S&P 500 by a large amount and wanted to limit the pain.""With the benefit of a bit more information and a few days, today we are seeing what I would describe as more rational trading. Investors are searching among those stocks that were indiscriminately sold on Friday," Stoeckle wrote.

Retailers remained in focus for Cyber Monday, another big post-Thanksgiving shopping day. Adobe Analytics said online shoppers spent $8.9 billion this year, at the low end of its expectations and slightly short of the $9 billion that was spent in 2020.

See:Cyber Monday poised to be the biggest online shopping day of the year, but may still fall short of last year's total

Crude-oil futures also rebounded from a plunge Friday, with January WTI crude settling at $69.95 a barrel, up by 2.6% Monday on the New York Mercantile Exchange following Friday's loss of 13.1%. Investors are awaiting this week's OPEC gatherings, with a couple of technical meetings reportedly delayed so that members can assess the variant and price action.

Meanwhile, pending home sales rose 7.5% in October, compared with September, the National Association of Realtors reported Monday. Economists polled by MarketWatch had projected a 0.7% increase for pending home sales in October.

Compared with last year, pending sales were down 1.4%, reflecting how much home-buying activity has cooled from the breakneck pace of last year.

Which companies were in focus?

How did other assets trade?

--Barbara Kollmeyer and Mike Murphy contributed to this article

-Vivien Lou Chen


(END) Dow Jones Newswires

November 29, 2021 16:53 ET (21:53 GMT)

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