We measure firm-level deviation salience (DS) as the return divergence between individual stocks and their peers. We find that the predictive ability of the past month's stock performance for future returns strongly depends on the level of DS. High-DS stocks exhibit short-term reversals with a return spread of -1.30% per month, whereas low-DS stocks display return continuation with a return spread of 1.41% per month. The result is robust after controlling for the effects of size, illiquidity, volatility, and turnover. Our finding is consistent with the story that investors are prone to overreact to salient information but underreact to non-salient information.