SKYD

Outperforming without a clear catalyst yet

• SKYD +3.26% on the last session vs SPY +0.05%: +3.2 pts of stock-specific move.
• Aftermath, big gain (+3.3% today so far, past its big-gain line of +2.6%): After its 66 big gains in the past 5 years, SKYD was higher a week later 28 times out of 66; half the outcomes fell between -6.0% and +3.3%. History, not a forecast.
• 1 analyst action in the past 10 days (0 positive, 1 negative); latest: Barclays maintained Underweight, lowered target $8.00 → $7.00.
• 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.