APP

Underperforming without a clear catalyst yet

• APP −4.65% on the last session vs SPY +0.74%: −5.4 pts of stock-specific move.
• Aftermath, rsi oversold (Oct 2): After its 11 oversold readings in the past 5 years, APP typically lost 2.3% over the next day (median) and was higher only 45% of the time; half the outcomes fell between -2.9% and +1.3%. An ordinary day: +0.2%. Among S&P 500 stocks after oversold readings, that ranks #396 of 496.
• 2 Reddit mentions in the past 24 hours, 70% positive over the week.
• 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.