CHRW

Outperforming without a clear catalyst yet

• CHRW +2.99% on the last session vs SPY +0.74%: +2.3 pts of stock-specific move.
• Aftermath, big gain (Oct 1): After its 69 big gains in the past 5 years, CHRW typically gained 0.7% over the next week (median) and was higher 64% of the time; half the outcomes fell between -1.5% and +3.7%. An ordinary week: +0.3%. Among S&P 500 stocks after big gains, that ranks #118 of 500.
• 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.