FCX

Outperforming without a clear catalyst yet

• FCX +3.98% on the last session vs SPY +0.74%: +3.2 pts of stock-specific move.
• Aftermath, big gain (Oct 2): After its 62 big gains in the past 5 years, FCX typically gained 3.5% over the next month (median) and was higher 53% of the time; half the outcomes fell between -6.6% and +11.5%. An ordinary month: +1.3%. Among S&P 500 stocks after big gains, that ranks #136 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.