Space Foundation Index Performance Second Quarter 2013
The second quarter of 2013 saw sustained, but slowing, growth in every index except for the Space Foundation Infrastructure Index, which led the way with 7.75 percent growth (double its first quarter growth) as can be seen in Exhibit 1. For the first half of the year, the five tracked indexes performed fairly evenly, within 1.5 percentage points of each other.
Key movers in the second quarter of 2013:
- Globalstar was up 75 percent, recovering significantly as the company completed an exchange of convertible notes, which helped ensure financial stability by improving the company's debt covenants and providing more financing.
- ViaSat registered a 49 percent increase due to good news that included new contracts and a quarterly earnings announcement that significantly outperformed expectations.
- Iridium was up 29 percent, buoyed by strong earnings announcements.
- GenCorp increased 22 percent as the company gained final antitrust approval for its acquisition of the Rocketdyne space unit from United Technologies.
- Exelis was up more than 26 percent, while Boeing turned in a strong 19 percent increase.
- By contrast, two European satellite services stocks were among the biggest decliners. Eutelsat was down almost 20 percent and BSkyB was down 11 percent amid reduced Eurozone growth expectations.
- Also in negative territory were Trimble, Computer Sciences Corp, and Orbcomm, each of which registered 13 percent declines.