L

Moving with the market

• L +0.93% on the last session vs SPY +0.74%: +0.2 pts of stock-specific move.
• Aftermath, big drop (Sep 30): After its 51 big drops in the past 5 years, L typically gained 3.3% over the next month (median) and was higher 71% of the time; half the outcomes fell between -0.8% and +5.6%. An ordinary month: +1.6%. Among S&P 500 stocks after big drops, that ranks #2 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.