Air (APD) Climbs 0.38% as Trading Volume Plunges 40% to 333rd Liquidity Rank

Air (APD) closed 0.38% higher on Sept. 26, with a trading volume of $0.32 billion, marking a 40.15% decline from the previous day's volume and ranking 333rd among stocks in terms of liquidity. The move follows a mixed performance across its business segments, with industrial gases demand showing resilience in key markets despite broader sector volatility.

Analysts noted that Air's recent pricing strategy adjustments in North America contributed to stable cash flow generation. The company's focus on expanding low-carbon hydrogen projects also drew investor interest, though near-term profitability from these initiatives remains limited. Supply chain constraints in Asia, however, have yet to fully resolve, creating potential headwinds for fourth-quarter production forecasts.

Before initiating the back-test, clarification is required on three key parameters: (1) Universe definition—whether to include only U.S.-listed common stocks and if volume-based screening is essential; (2) Trade-execution convention—whether to use close-to-close or open-to-close pricing for daily transactions; and (3) Risk-control considerations—whether to account for bid-ask spreads, commissions, or stop-loss mechanisms. These details will determine data collection scope and back-test accuracy.