UAN

Outperforming without a clear catalyst yet

• UAN +2.62% on the last session vs SPY +0.12%: +2.5 pts of stock-specific move.
• 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.
• Activity: volume on pace for 1.9× its 20-day average.