STX

Underperforming without a clear catalyst yet

• STX −10.21% on the last session vs SPY +0.74%: −11.0 pts of stock-specific move.
• Aftermath, big drop (Oct 2): After its 61 big drops in the past 5 years, STX typically lost 0.6% over the next day (median) and was higher only 43% of the time; half the outcomes fell between -2.0% and +1.9%. An ordinary day: +0.2%. Among S&P 500 stocks after big drops, that ranks #391 of 500.
• 2 Reddit mentions in the past 24 hours, 67% positive over the week.
• 16 insider or congressional trades in the past 30 days, including 8 insider sales not under a 10b5-1 plan.
• 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.