{
  "schema_version": "LEDGER-SCHEMA-1.0",
  "session_date": "2026-07-16",
  "sealed_at": "2026-07-16T22:04:35-04:00",
  "regime": "risk_on",
  "rows": [
    {
      "ticker": "UNH",
      "side": "LONG",
      "catalyst_type": "guidance_raise",
      "catalyst_timestamp": "2026-07-16",
      "catalyst_age_sessions": 0,
      "kvd": "medical care ratio / medical cost trend -> FY EPS power",
      "catalyst_score": 84.1,
      "tradeability": null,
      "trr_modifier": null,
      "structural_anchor": null,
      "ces": 45.1,
      "tier": "Quality",
      "invalidation": null,
      "position_disclosure": "none",
      "kvd_note": "Q2'26 adj EPS $6.38 vs $4.85 cons; MCR 86.7% (incl. $860M favorable PPD); FY26 adj EPS guide raised to $19.50-20.00 vs $18.43 cons (+7.2%) and prior >$18.25"
    },
    {
      "ticker": "JBHT",
      "side": "LONG",
      "catalyst_type": "earnings_beat",
      "catalyst_timestamp": "2026-07-16",
      "catalyst_age_sessions": 0,
      "kvd": "Intermodal volume + pricing (freight-cycle inflection)",
      "catalyst_score": 76,
      "tradeability": null,
      "trr_modifier": null,
      "structural_anchor": null,
      "ces": 40.2,
      "tier": "Quality",
      "invalidation": null,
      "position_disclosure": "none",
      "kvd_note": "Q2'26 EPS $1.91 vs $1.71 / rev $3.495B vs $3.241B (+7.8%); same-day PT cascade (Baird ->$320, Barclays ->$300); no company EPS guide"
    },
    {
      "ticker": "ATAI",
      "side": "LONG",
      "catalyst_type": "ma_deal",
      "catalyst_timestamp": "2026-07-16",
      "catalyst_age_sessions": 0,
      "kvd": "acquisition terms (cash + CVR) - the whole equity story",
      "catalyst_score": 79,
      "tradeability": null,
      "trr_modifier": null,
      "structural_anchor": null,
      "ces": 29.3,
      "tier": "Marginal",
      "invalidation": null,
      "position_disclosure": "none"
    },
    {
      "ticker": "DSGR",
      "side": "LONG",
      "catalyst_type": "ma_deal",
      "catalyst_timestamp": "2026-07-16",
      "catalyst_age_sessions": 0,
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      "catalyst_score": 74,
      "tradeability": null,
      "trr_modifier": null,
      "structural_anchor": null,
      "ces": 29.2,
      "tier": "Marginal",
      "invalidation": null,
      "position_disclosure": "none"
    },
    {
      "ticker": "ABT",
      "side": "LONG",
      "catalyst_type": "earnings_beat",
      "catalyst_timestamp": "2026-07-16",
      "catalyst_age_sessions": 0,
      "kvd": "comparable organic sales growth + FY adj EPS guide",
      "catalyst_score": 66,
      "tradeability": null,
      "trr_modifier": null,
      "structural_anchor": null,
      "ces": 28.2,
      "tier": "Marginal",
      "invalidation": null,
      "position_disclosure": "none"
    },
    {
      "ticker": "MAN",
      "side": "LONG",
      "catalyst_type": "earnings_beat",
      "catalyst_timestamp": "2026-07-16",
      "catalyst_age_sessions": 0,
      "kvd": "organic constant-currency revenue growth (staffing cycle)",
      "catalyst_score": 70.5,
      "tradeability": null,
      "trr_modifier": null,
      "structural_anchor": null,
      "ces": 24.6,
      "tier": "Marginal",
      "invalidation": null,
      "position_disclosure": "none"
    },
    {
      "ticker": "SIFY",
      "side": "LONG",
      "catalyst_type": "earnings_beat",
      "catalyst_timestamp": "2026-07-16",
      "catalyst_age_sessions": 0,
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      "catalyst_score": 63.5,
      "tradeability": null,
      "trr_modifier": null,
      "structural_anchor": null,
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      "tier": "Marginal",
      "invalidation": null,
      "position_disclosure": "none"
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    {
      "ticker": "HOVR",
      "side": "LONG",
      "catalyst_type": "earnings_beat",
      "catalyst_timestamp": "2026-07-16",
      "catalyst_age_sessions": 0,
      "kvd": "cash runway / eVTOL program milestones (not EPS)",
      "catalyst_score": 62.5,
      "tradeability": null,
      "trr_modifier": null,
      "structural_anchor": null,
      "ces": 13.9,
      "tier": "Pass",
      "invalidation": null,
      "position_disclosure": "none"
    },
    {
      "ticker": "EOSE",
      "side": "LONG",
      "catalyst_type": "partnership",
      "catalyst_timestamp": "2026-07-16",
      "catalyst_age_sessions": 0,
      "kvd": "gross margin path to positive + backlog conversion",
      "catalyst_score": 62.5,
      "tradeability": null,
      "trr_modifier": null,
      "structural_anchor": null,
      "ces": 12.1,
      "tier": "Pass",
      "invalidation": null,
      "position_disclosure": "none"
    },
    {
      "ticker": "INSM",
      "side": "LONG",
      "catalyst_type": "product_launch",
      "catalyst_timestamp": "2026-07-16",
      "catalyst_age_sessions": 0,
      "kvd": "brensocatib + TPIP launch trajectory",
      "catalyst_score": 62.5,
      "tradeability": null,
      "trr_modifier": null,
      "structural_anchor": null,
      "ces": 11.8,
      "tier": "Pass",
      "invalidation": null,
      "position_disclosure": "none"
    },
    {
      "ticker": "VEEE",
      "side": "LONG",
      "catalyst_type": "ma_deal",
      "catalyst_timestamp": "2026-07-16",
      "catalyst_age_sessions": 0,
      "kvd": "deal economics of the USFM combination - UNDISCLOSED",
      "catalyst_score": 65,
      "tradeability": null,
      "trr_modifier": null,
      "structural_anchor": null,
      "ces": 9.6,
      "tier": "Pass",
      "invalidation": null,
      "position_disclosure": "none"
    },
    {
      "ticker": "GHRS",
      "side": "LONG",
      "catalyst_type": "sector_tailwind",
      "catalyst_timestamp": "2026-07-16",
      "catalyst_age_sessions": 0,
      "kvd": "GH001 TRD Ph3 program value / psychedelics M&A optionality",
      "catalyst_score": 65,
      "tradeability": null,
      "trr_modifier": null,
      "structural_anchor": null,
      "ces": 6,
      "tier": "Pass",
      "invalidation": null,
      "position_disclosure": "none"
    },
    {
      "ticker": "CMPS",
      "side": "LONG",
      "catalyst_type": "sector_tailwind",
      "catalyst_timestamp": "2026-07-16",
      "catalyst_age_sessions": 0,
      "kvd": "COMP360 TRD Ph3 program value / psychedelics M&A optionality",
      "catalyst_score": 62.5,
      "tradeability": null,
      "trr_modifier": null,
      "structural_anchor": null,
      "ces": 5.2,
      "tier": "Pass",
      "invalidation": null,
      "position_disclosure": "none"
    },
    {
      "ticker": "ASTS",
      "side": "SHORT",
      "catalyst_type": "offering_dilution",
      "catalyst_timestamp": "2026-07-15",
      "catalyst_age_sessions": 1,
      "kvd": "share count / capital structure & dilution",
      "catalyst_score": 80,
      "tradeability": null,
      "trr_modifier": 1,
      "structural_anchor": null,
      "ces": 9.4,
      "tier": "Pass",
      "invalidation": null,
      "position_disclosure": "none"
    },
    {
      "ticker": "FEIM",
      "side": "SHORT",
      "catalyst_type": "earnings_miss",
      "catalyst_timestamp": "2026-07-15",
      "catalyst_age_sessions": 1,
      "kvd": "funded backlog & book-to-bill / forward revenue trajectory",
      "catalyst_score": 65,
      "tradeability": null,
      "trr_modifier": 1,
      "structural_anchor": null,
      "ces": 8.4,
      "tier": "Pass",
      "invalidation": null,
      "position_disclosure": "none"
    },
    {
      "ticker": "FEIM",
      "side": "SHORT",
      "catalyst_type": "earnings_miss",
      "catalyst_timestamp": "2026-07-16",
      "catalyst_age_sessions": 0,
      "kvd": "funded backlog & bookings -> forward revenue ramp (space/defense/PNT)",
      "catalyst_score": 80,
      "tradeability": null,
      "trr_modifier": null,
      "structural_anchor": null,
      "ces": 6.7,
      "tier": "Pass",
      "invalidation": null,
      "position_disclosure": "none"
    },
    {
      "ticker": "ASTS",
      "side": "SHORT",
      "catalyst_type": "offering_dilution",
      "catalyst_timestamp": "2026-07-16",
      "catalyst_age_sessions": 0,
      "kvd": "capital structure / share count & cost of capital (structural track); operating KVD = BlueBird launch cadence, intact",
      "catalyst_score": 77.5,
      "tradeability": null,
      "trr_modifier": null,
      "structural_anchor": null,
      "ces": 5.6,
      "tier": "Pass",
      "invalidation": null,
      "position_disclosure": "none"
    },
    {
      "ticker": "NTRP",
      "side": "SHORT",
      "catalyst_type": "offering_dilution",
      "catalyst_timestamp": "2026-07-15",
      "catalyst_age_sessions": 1,
      "kvd": "share count / chronic dilution & cash runway",
      "catalyst_score": 65,
      "tradeability": null,
      "trr_modifier": 1,
      "structural_anchor": null,
      "ces": 4.7,
      "tier": "Pass",
      "invalidation": null,
      "position_disclosure": "none"
    },
    {
      "ticker": "ARM",
      "side": "SHORT",
      "catalyst_type": "analyst_downgrade",
      "catalyst_timestamp": "2026-07-14",
      "catalyst_age_sessions": 2,
      "kvd": "royalty/licensing forward growth & AI-attach rate — INTACT; downgrade cites valuation only",
      "catalyst_score": 75,
      "tradeability": null,
      "trr_modifier": null,
      "structural_anchor": null,
      "ces": 4.6,
      "tier": "Pass",
      "invalidation": null,
      "position_disclosure": "none"
    },
    {
      "ticker": "WDC",
      "side": "SHORT",
      "catalyst_type": "sector_headwind",
      "catalyst_timestamp": "2026-07-15",
      "catalyst_age_sessions": 1,
      "kvd": "HDD/nearline demand & forward guide (NOT deteriorated — no print)",
      "catalyst_score": 65,
      "tradeability": null,
      "trr_modifier": 1,
      "structural_anchor": null,
      "ces": 3.9,
      "tier": "Pass",
      "invalidation": null,
      "position_disclosure": "none"
    },
    {
      "ticker": "STX",
      "side": "SHORT",
      "catalyst_type": "sector_headwind",
      "catalyst_timestamp": "2026-07-15",
      "catalyst_age_sessions": 1,
      "kvd": "HDD nearline exabyte demand & forward guide (intact)",
      "catalyst_score": 65,
      "tradeability": null,
      "trr_modifier": 1,
      "structural_anchor": null,
      "ces": 3.8,
      "tier": "Pass",
      "invalidation": null,
      "position_disclosure": "none"
    },
    {
      "ticker": "COHR",
      "side": "SHORT",
      "catalyst_type": "sector_headwind",
      "catalyst_timestamp": "2026-07-15",
      "catalyst_age_sessions": 1,
      "kvd": "datacom transceiver / AI optics demand (intact)",
      "catalyst_score": 65,
      "tradeability": null,
      "trr_modifier": 1,
      "structural_anchor": null,
      "ces": 3.6,
      "tier": "Pass",
      "invalidation": null,
      "position_disclosure": "none"
    },
    {
      "ticker": "ARM",
      "side": "SHORT",
      "catalyst_type": "sector_headwind",
      "catalyst_timestamp": "2026-07-15",
      "catalyst_age_sessions": 1,
      "kvd": "royalty rate & CSS adoption / forward guide (intact)",
      "catalyst_score": 65,
      "tradeability": null,
      "trr_modifier": 1,
      "structural_anchor": null,
      "ces": 3.6,
      "tier": "Pass",
      "invalidation": null,
      "position_disclosure": "none"
    },
    {
      "ticker": "STM",
      "side": "SHORT",
      "catalyst_type": "sector_headwind",
      "catalyst_timestamp": "2026-07-15",
      "catalyst_age_sessions": 1,
      "kvd": "automotive/industrial MCU demand & forward guide (intact)",
      "catalyst_score": 65,
      "tradeability": null,
      "trr_modifier": 1,
      "structural_anchor": null,
      "ces": 3.6,
      "tier": "Pass",
      "invalidation": null,
      "position_disclosure": "none"
    },
    {
      "ticker": "SNDK",
      "side": "SHORT",
      "catalyst_type": "sector_headwind",
      "catalyst_timestamp": "2026-07-15",
      "catalyst_age_sessions": 1,
      "kvd": "NAND pricing & forward guide (intact — guide standing)",
      "catalyst_score": 65,
      "tradeability": null,
      "trr_modifier": 1,
      "structural_anchor": null,
      "ces": 3.4,
      "tier": "Pass",
      "invalidation": null,
      "position_disclosure": "none"
    },
    {
      "ticker": "GLW",
      "side": "SHORT",
      "catalyst_type": "sector_headwind",
      "catalyst_timestamp": "2026-07-15",
      "catalyst_age_sessions": 1,
      "kvd": "Optical Communications segment growth (intact)",
      "catalyst_score": 65,
      "tradeability": null,
      "trr_modifier": 1,
      "structural_anchor": null,
      "ces": 3.4,
      "tier": "Pass",
      "invalidation": null,
      "position_disclosure": "none"
    },
    {
      "ticker": "SNDK",
      "side": "SHORT",
      "catalyst_type": "sector_headwind",
      "catalyst_timestamp": "2026-07-16",
      "catalyst_age_sessions": 0,
      "kvd": "NAND pricing power / forward supply-demand — no measured own-name delta",
      "catalyst_score": 72.5,
      "tradeability": null,
      "trr_modifier": null,
      "structural_anchor": null,
      "ces": 2.3,
      "tier": "Pass",
      "invalidation": null,
      "position_disclosure": "none"
    },
    {
      "ticker": "WDC",
      "side": "SHORT",
      "catalyst_type": "sector_headwind",
      "catalyst_timestamp": "2026-07-16",
      "catalyst_age_sessions": 0,
      "kvd": "HDD/NAND pricing power / forward supply-demand — no measured own-name delta",
      "catalyst_score": 72.5,
      "tradeability": null,
      "trr_modifier": null,
      "structural_anchor": null,
      "ces": 2.3,
      "tier": "Pass",
      "invalidation": null,
      "position_disclosure": "none"
    },
    {
      "ticker": "STX",
      "side": "SHORT",
      "catalyst_type": "sector_headwind",
      "catalyst_timestamp": "2026-07-16",
      "catalyst_age_sessions": 0,
      "kvd": "HDD pricing power / forward supply-demand — no measured own-name delta",
      "catalyst_score": 72.5,
      "tradeability": null,
      "trr_modifier": null,
      "structural_anchor": null,
      "ces": 2.3,
      "tier": "Pass",
      "invalidation": null,
      "position_disclosure": "none"
    },
    {
      "ticker": "SKHY",
      "side": "SHORT",
      "catalyst_type": "sector_headwind",
      "catalyst_timestamp": "2026-07-16",
      "catalyst_age_sessions": 0,
      "kvd": "DRAM/HBM pricing power / forward supply-demand — no measured own-name delta",
      "catalyst_score": 72.5,
      "tradeability": null,
      "trr_modifier": null,
      "structural_anchor": null,
      "ces": 2.3,
      "tier": "Pass",
      "invalidation": null,
      "position_disclosure": "none"
    },
    {
      "ticker": "GLW",
      "side": "SHORT",
      "catalyst_type": "sector_headwind",
      "catalyst_timestamp": "2026-07-16",
      "catalyst_age_sessions": 0,
      "kvd": "optical communications / hyperscaler DC forward guide — INTACT (Meta/Amazon/NVIDIA contracts signed)",
      "catalyst_score": 75,
      "tradeability": null,
      "trr_modifier": null,
      "structural_anchor": null,
      "ces": 2.1,
      "tier": "Pass",
      "invalidation": null,
      "position_disclosure": "none"
    }
  ]
}