SAIC Shares Rise 7% After Earnings Beat and Raised Guidance

Shares of Science Applications International Corp climbed 7% after the government IT and engineering contractor reported earnings that beat Wall Street estimates and raised its forward guidance. The stock's move was among the largest single-day gains flagged across the session's wire coverage. A raised guidance alongside a beat tends to draw more durable buying than a beat alone, since it tells investors management sees the strength continuing rather than a one-quarter surprise. For a contractor whose revenue depends heavily on government spending, a guidance raise also signals confidence in its contract pipeline. The specific size of the guidance raise and which segments drove the beat were not detailed in available reporting.