QS

Outperforming without a clear catalyst yet

• QS +3.44% on the last session vs SPY +0.02%: +3.4 pts of stock-specific move.
• Earnings Wed after the close (date not confirmed): EPS −$0.18 expected (3 analysts).
• Market backdrop (Today): Core PPI m/m 1.3% vs 0.3% expected (hotter); Core Retail Sales m/m 0.9% vs 0.6% expected (stronger); S&P futures -0.08%, 10-year yield -3bp in the 30 minutes after.