PRU

Underperforming without a clear catalyst yet

• PRU −0.47% on the last session vs SPY +0.74%: −1.2 pts of stock-specific move.
• Aftermath, big drop (Sep 28): After its 58 big drops in the past 5 years, PRU typically gained 1.1% over the next week (median) and was higher 64% of the time; half the outcomes fell between -1.2% and +2.9%. An ordinary week: +0.3%. Among S&P 500 stocks after big drops, that ranks #49 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.