{
  "schema_version": "LEDGER-SCHEMA-1.0",
  "session_date": "2026-07-15",
  "sealed_at": "2026-07-15T18:23:04-04:00",
  "regime": "risk_on",
  "rows": [
    {
      "ticker": "ELVA",
      "side": "LONG",
      "catalyst_type": "partnership",
      "catalyst_timestamp": "2026-07-15",
      "catalyst_age_sessions": 0,
      "kvd": "compromiso de demanda de su mayor cliente (Amazon)",
      "catalyst_score": 90,
      "tradeability": 4,
      "trr_modifier": null,
      "structural_anchor": null,
      "ces": 59.9,
      "tier": "Quality",
      "invalidation": null,
      "position_disclosure": "none",
      "kvd_note": "15-jul pre-mkt: acuerdo comercial con Amazon + warrants por hasta 13.88M acciones que vestean con compras acumuladas de $280M; despliegue de Infinity en manejo de materiales, opcionalidad en robótica/almacenamiento."
    },
    {
      "ticker": "AEHR",
      "side": "LONG",
      "catalyst_type": "guidance_raise",
      "catalyst_timestamp": "2026-07-14",
      "catalyst_age_sessions": 1,
      "kvd": "guía FY27 + bookings/backlog burn-in IA (emergente)",
      "catalyst_score": 100,
      "tradeability": 6,
      "trr_modifier": null,
      "structural_anchor": null,
      "ces": 54.3,
      "tier": "Quality",
      "invalidation": null,
      "position_disclosure": "none",
      "kvd_note": "Q4 FY26 (14-jul AH): EPS aj. $0.11 vs -$0.01 est; guía FY27 $130-150M vs consenso $85.1M (+64%); bookings récord $60.7M (+447% a/a), backlog efectivo $100.6M; AI+SiPh >80% de ingresos Q4."
    },
    {
      "ticker": "BLK",
      "side": "LONG",
      "catalyst_type": "earnings_beat",
      "catalyst_timestamp": "2026-07-15",
      "catalyst_age_sessions": 0,
      "kvd": "crecimiento orgánico de comisiones base + entradas netas",
      "catalyst_score": 90,
      "tradeability": 4,
      "trr_modifier": null,
      "structural_anchor": null,
      "ces": 42.3,
      "tier": "Quality",
      "invalidation": null,
      "position_disclosure": "none",
      "kvd_note": "15-jul pre-mkt: Q2-26 EPS aj. $13.91 vs ~$12.65 est; ingresos $7.084B (+31% a/a) vs ~$6.8B; AUM cruza $15.3T por primera vez; entradas netas $192B vs ~$150B consenso; crecimiento orgánico de comisiones base 10%."
    },
    {
      "ticker": "MANE",
      "side": "LONG",
      "catalyst_type": "clinical_data",
      "catalyst_timestamp": "2026-07-15",
      "catalyst_age_sessions": 0,
      "kvd": "de-risking clínico de la indicación femenina (VDPHL01)",
      "catalyst_score": 80,
      "tradeability": 4,
      "trr_modifier": null,
      "structural_anchor": null,
      "ces": 25.2,
      "tier": "Marginal",
      "invalidation": null,
      "position_disclosure": "none"
    },
    {
      "ticker": "ASML",
      "side": "LONG",
      "catalyst_type": "guidance_raise",
      "catalyst_timestamp": "2026-07-15",
      "catalyst_age_sessions": 0,
      "kvd": "outlook FY de ventas netas (litografía EUV/IA)",
      "catalyst_score": 80,
      "tradeability": 4,
      "trr_modifier": null,
      "structural_anchor": null,
      "ces": 24,
      "tier": "Marginal",
      "invalidation": null,
      "position_disclosure": "none"
    },
    {
      "ticker": "GEVO",
      "side": "LONG",
      "catalyst_type": "guidance_raise",
      "catalyst_timestamp": "2026-07-15",
      "catalyst_age_sessions": 0,
      "kvd": "trayectoria de EBITDA aj. / monetización de carbono 45Z",
      "catalyst_score": 80,
      "tradeability": 3,
      "trr_modifier": null,
      "structural_anchor": null,
      "ces": 21.6,
      "tier": "Marginal",
      "invalidation": null,
      "position_disclosure": "none"
    },
    {
      "ticker": "SHMD",
      "side": "LONG",
      "catalyst_type": "guidance_raise",
      "catalyst_timestamp": "2026-07-14",
      "catalyst_age_sessions": 1,
      "kvd": "order intake / backlog equipo IA — off-driver vs ingresos",
      "catalyst_score": 80,
      "tradeability": 2,
      "trr_modifier": null,
      "structural_anchor": null,
      "ces": 20.5,
      "tier": "Marginal",
      "invalidation": null,
      "position_disclosure": "none"
    },
    {
      "ticker": "ERNA",
      "side": "LONG",
      "catalyst_type": "clinical_data",
      "catalyst_timestamp": "2026-07-15",
      "catalyst_age_sessions": 0,
      "kvd": "validación de plataforma ERNA-101 — preclínico",
      "catalyst_score": 65,
      "tradeability": 2,
      "trr_modifier": null,
      "structural_anchor": null,
      "ces": 18.5,
      "tier": "Marginal",
      "invalidation": null,
      "position_disclosure": "none"
    },
    {
      "ticker": "RDW",
      "side": "LONG",
      "catalyst_type": "contract_win",
      "catalyst_timestamp": "2026-07-15",
      "catalyst_age_sessions": 0,
      "kvd": "backlog/win-rate de defensa — inmaterial vs estimaciones",
      "catalyst_score": 65,
      "tradeability": 2,
      "trr_modifier": null,
      "structural_anchor": null,
      "ces": 16.5,
      "tier": "Marginal",
      "invalidation": null,
      "position_disclosure": "none"
    },
    {
      "ticker": "BABA",
      "side": "LONG",
      "catalyst_type": "regulatory",
      "catalyst_timestamp": "2026-07-15",
      "catalyst_age_sessions": 0,
      "kvd": "monetización de Qwen/nube — sin delta propio medido",
      "catalyst_score": 65,
      "tradeability": 2,
      "trr_modifier": null,
      "structural_anchor": null,
      "ces": 12.5,
      "tier": "Pass",
      "invalidation": null,
      "position_disclosure": "none"
    },
    {
      "ticker": "WNC",
      "side": "SHORT",
      "catalyst_type": "offering_dilution",
      "catalyst_timestamp": "2026-07-15",
      "catalyst_age_sessions": 0,
      "kvd": "capital structure / forced capital need + EBITDA generation",
      "catalyst_score": 97.5,
      "tradeability": 8,
      "trr_modifier": 1.15,
      "structural_anchor": null,
      "ces": 68.7,
      "tier": "Prime",
      "invalidation": null,
      "position_disclosure": "none",
      "kvd_note": "Commenced a $100M (+$15M) convertible senior notes offering due 2032 (7/14 16:04 ET 8-K) that EMBEDS a preliminary Q2 profit warning: net sales $413-421M (-8/-10% YoY), net loss $23-26M, adjusted EBITDA turning NEGATIVE. Required a Fifth Amendment to the credit agreement to permit the new debt; follows the S&P downgrade to B-/CCC+. Debt $531M vs $548M market cap."
    },
    {
      "ticker": "ELV",
      "side": "SHORT",
      "catalyst_type": "margin_compression",
      "catalyst_timestamp": "2026-07-15",
      "catalyst_age_sessions": 0,
      "kvd": "underlying operating margin recovery + benefit expense ratio trajectory",
      "catalyst_score": 90,
      "tradeability": 6,
      "trr_modifier": 1,
      "structural_anchor": null,
      "ces": 59.9,
      "tier": "Quality",
      "invalidation": null,
      "position_disclosure": "none",
      "kvd_note": "Q2 print (7/15 pre-mkt): adj EPS $7.45 beat $6.21 and FY26 guide RAISED to 'at least $27.00' — but adjusted operating margin collapsed to 3.6% from 5.0% (-140bps), ~$0.80 of the beat was a below-the-line benefit, medical membership fell 469k sequentially, and the $0.25 FY raise off a $1.24 quarterly beat implies a ~$1.00 H2 reduction. Three desks RAISED PTs to $465-492 on 7/13-7/14."
    },
    {
      "ticker": "PGR",
      "side": "SHORT",
      "catalyst_type": "kpi_deterioration",
      "catalyst_timestamp": "2026-07-15",
      "catalyst_age_sessions": 0,
      "kvd": "policies-in-force growth + combined ratio in a softening auto pricing cycle",
      "catalyst_score": 87.5,
      "tradeability": 5,
      "trr_modifier": 0.95,
      "structural_anchor": null,
      "ces": 44.3,
      "tier": "Quality",
      "invalidation": null,
      "position_disclosure": "none",
      "kvd_note": "June/Q2 results (7/15 08:16 ET). The exit month is the tell: June combined ratio 90.0 vs 86.6 (+3.4 pts), net income -31%, NPW growth decelerated to +3% (vs +5% Q2, +6% Q1, +12% FY25); PIF growth +7% from +9%. Q2 EPS $5.67 beat ~$4.58 but carried $604M of realized gains. JP Morgan downgraded to Neutral, PT $250, on 7/14."
    },
    {
      "ticker": "PXED",
      "side": "SHORT",
      "catalyst_type": "guidance_cut",
      "catalyst_timestamp": "2026-07-15",
      "catalyst_age_sessions": 0,
      "kvd": "new-student enrollment growth / digital enrollment funnel",
      "catalyst_score": 87.5,
      "tradeability": 5,
      "trr_modifier": 1,
      "structural_anchor": null,
      "ces": 34.9,
      "tier": "Marginal",
      "invalidation": null,
      "position_disclosure": "none"
    },
    {
      "ticker": "CBIO",
      "side": "SHORT",
      "catalyst_type": "offering_dilution",
      "catalyst_timestamp": "2026-07-15",
      "catalyst_age_sessions": 0,
      "kvd": "share count / dilution & cash runway",
      "catalyst_score": 65,
      "tradeability": 2,
      "trr_modifier": 0.9,
      "structural_anchor": null,
      "ces": 22.1,
      "tier": "Marginal",
      "invalidation": null,
      "position_disclosure": "none"
    },
    {
      "ticker": "CAG",
      "side": "SHORT",
      "catalyst_type": "earnings_miss",
      "catalyst_timestamp": "2026-07-15",
      "catalyst_age_sessions": 0,
      "kvd": "organic net sales growth + FCF / dividend coverage",
      "catalyst_score": 65,
      "tradeability": 2,
      "trr_modifier": 0.85,
      "structural_anchor": null,
      "ces": 12.4,
      "tier": "Pass",
      "invalidation": null,
      "position_disclosure": "none"
    }
  ]
}