TER

Outperforming without a clear catalyst yet

• TER +8.00% on the last session vs SPY +0.74%: +7.3 pts of stock-specific move.
• Aftermath, big gain (Oct 2): After its 69 big gains in the past 5 years, TER typically gained 6.0% over the next month (median) and was higher 67% of the time; half the outcomes fell between -3.5% and +11.4%. An ordinary month: +3.1%. Among S&P 500 stocks after big gains, that ranks #22 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.