P

Outperforming without a clear catalyst yet

• P +4.48% on the last session vs SPY +0.74%: +3.7 pts of stock-specific move.
• Aftermath, big gain (Oct 2): After its 70 big gains in the past 5 years, P typically gained 0.5% over the next day (median) and was higher 64% of the time; half the outcomes fell between -1.4% and +2.2%. An ordinary day: +0.2%. Among S&P 500 stocks after big gains, that ranks #69 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.