NTAP

Outperforming without a clear catalyst yet

• NTAP +5.22% on the last session vs SPY +0.74%: +4.5 pts of stock-specific move.
• Aftermath, big gain (Oct 2): After its 64 big gains in the past 5 years, NTAP typically gained 3.4% over the next month (median) and was higher 61% of the time; half the outcomes fell between -2.8% and +11.0%. An ordinary month: +1.0%. Among S&P 500 stocks after big gains, that ranks #58 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.