ALL

Underperforming without a clear catalyst yet

• ALL −0.30% on the last session vs SPY +0.74%: −1.0 pts of stock-specific move.
• Aftermath, crossed above 200-day avg (Oct 1): After its 11 crosses above the 200-day average in the past 5 years, ALL typically gained 2.0% over the next week (median) and was higher 73% of the time; half the outcomes fell between +0.2% and +2.7%. An ordinary week: +0.1%. Among S&P 500 stocks after crosses above the 200-day average, that ranks #9 of 497.
• Market backdrop (Fri): Average Hourly Earnings m/m 0.1% vs 0.3% expected (cooler); Non-Farm Employment Change 29K vs 89K expected (weaker); S&P futures +0.41%, 10-year yield -5bp in the 30 minutes after.