NetApp Falls 2% as Data Storage Sector Trails, Stock Ranks 500th in U.S. Trading Volume

On September 25, 2025, NetApp (NTAP) closed at a 2.00% decline with a trading volume of $0.23 billion, ranking 500th in U.S. equity market activity. The stock’s performance reflects broader market dynamics amid mixed sector momentum.

Analysts noted that NTAP’s decline aligned with sector-wide underperformance in data storage and cloud infrastructure equities. While no company-specific announcements directly impacted the stock, market participants cited macroeconomic uncertainty and shifting capital allocation priorities as contributing factors. The volume level suggests moderate institutional activity but lacks immediate catalysts for directional movement.

To run this back-test rigorously I need to nail down a couple of practical details that aren’t fully specified yet:

1. Market universe • Should I use all U.S. listed common stocks (NYSE + NASDAQ) as the candidate pool, or another market/universe?

2. Trade-price convention • Buy at today’s close and sell at tomorrow’s close (close-to-close) – or – • Buy at tomorrow’s open and sell at tomorrow’s close (open-to-close)?

3. Portfolio construction • Equal-weight the 500 names each day (typical) or weight them by something else (e.g., volume, dollar-neutral)?

4. Frictions • Assume zero transaction costs/slippage – or specify a commission/slippage estimate?

If the default assumptions below are acceptable, just say “go ahead”, otherwise let me know the tweaks you want:

• Universe: all U.S. listed common stocks (NYSE + NASDAQ) • Price: buy at today’s close, sell at tomorrow’s close • Weights: equal-weight across the 500 stocks selected each day • Frictions: ignore transaction costs and slippage

Once you confirm, I’ll build the data-pull plan and run the back-test.