FOXA

Outperforming without a clear catalyst yet

• FOXA +1.63% on the last session vs SPY +0.74%: +0.9 pts of stock-specific move.
• Aftermath, big drop (Oct 1): After its 61 big drops in the past 5 years, FOXA typically gained 2.5% over the next month (median) and was higher 67% of the time; half the outcomes fell between -2.2% and +7.6%. An ordinary month: +1.6%. Among S&P 500 stocks after big drops, that ranks #31 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.