Themes / Group
Inactive · established relationshipLatest completed snapshot · Aug 20 · 16:27 ET

MARKET-DISCOVERED GROUP

Financial Technology Services

THE TRADER READBroad relative move, confirmed beyond the cohort—but not by flow

0 of 12 measured SPY-adjusted paths align to the mixed across 7.2 effective names. Common-bar coverage spans 12 of 23 cohort members. JKHY, EXLS are also moving with filing-linked members. Capital-flow agreement is 3%, so the basket is not yet clean. No verified headline preceded the measured move.

Price breadth8 up · 14 down-0.1% median path versus SPY
Capital-flow alignment3%Price breadth is not yet confirmed by flow
Activity nowCalmActivity score 12/100 · lift 0.8×
Evidence depth5 episodes34 observed active sessions
EVIDENCE CLOCK

What happened, in timestamp order

4 timed events · 10:10–15:55 ET
TIMING READNo verified timestamped headline was found within 24 hours of the first measured price move in the available common-bar window. The move currently reads as market-led or unexplained.
  1. 5-minute inferenceFICO registered the first material downside path

    -0.50% session path at the threshold · FICO

  2. 5-minute inferenceCSGP registered a material downside path

    -0.45% session path at the threshold · CSGP

  3. 5-minute inferenceG registered a material downside path

    -0.35% session path at the threshold · G

  4. 5-minute inferenceCPRT registered a material upside path

    +1.77% session path at the threshold · CPRT

2 earlier filing context receipts

MON, JUL 20EFX filing documented shared operating contextrestructuring affecting expense · date precision only

TUE, JUL 28CSGP filing documented shared operating contextrestructuring affecting expense · date precision only

Headline times and retained activity confirmations are point-in-time evidence. Price order is inferred from aligned 5-minute bars. Filing evidence has date precision only and is context, not an intraday catalyst claim.
THEME CONSTRUCTION

Broad move or one-stock disguise?

SPY-adjusted 5m paths

Observed movement is broad across 7.2 effective names. FICO represents 19.3% of absolute path energy; 0 of 12 members align without a clean common direction.

ConstructionBroad19.3% from the largest path
Effective names7.2 / 1212 of 23 cohort members had common bars
Direction breadthMixedmixed relative path · 0 counter-moving
Largest moverFICO 19.3%38.5% from the top two paths
FICO19.3%Independent direction · path -1.53% · basket -0.13pp
CPRT19.2%Independent direction · path +1.52% · basket +0.13pp
LOPE15.6%Independent direction · path +1.23% · basket +0.10pp
CSGP14.0%Independent direction · path -1.10% · basket -0.09pp
IBM9.4%Independent direction · path +0.74% · basket +0.06pp
DOX7.0%Independent direction · path +0.55% · basket +0.05pp
EFX6.0%Independent direction · path -0.47% · basket -0.04pp
FIS5.4%Independent direction · path -0.42% · basket -0.04pp
FISV1.7%Independent direction · path -0.14% · basket -0.01pp
G1.7%Independent direction · path -0.13% · basket -0.01pp
KFY0.6%Flat / inactive path · path +0.04% · basket +0.00pp
GIB0.2%Flat / inactive path · path +0.01% · basket +0.00pp
Top six names by movement share are shown. Movement share measures absolute 5-minute path energy; signed basket contribution is equal-weight. Neither is a portfolio weight or causal attribution.

01 · WHAT IS HAPPENING

The move, the flow and who is driving it

Price breadth, unusual activity and signed capital flow are separate observations
HOW THE PRICE MOVE SPREAD

Observed session sequence

5-minute bars · inferred
  1. FICO moved lower firstFirst member to clear the material path threshold · path -0.50%
  2. CSGP registered a material lower path0m after the first price move · path -0.45%
  3. G registered a material lower path0m after the first price move · path -0.35%
  4. CPRT registered a material higher path285m after the first price move · path +1.77%
  5. LOPE registered a material higher path285m after the first price move · path +1.89%
  6. IBM registered a material higher path285m after the first price move · path +0.38%

Sequence inferred from aligned 5-minute price paths; it is not a causal ordering.

RELATIVE CO-MOVEMENT

How the members are behaving together

SPY-adjusted
Aug 25 · 10:10 ET15:40 ETAug 25 · 15:55 ET
Group median -0.06%Strongest relative path CPRTWeakest relative path FICO

Observed member paths adjusted against SPY. The dashed marker shows when the median move first cleared a material threshold; shading marks the latest 20% of the observed window.

02 · WHY IT MATTERS

Why now and where the move could travel

Context and lead/lag links are evidence, not proof of causation or a forecast
WHY NOW

Verified recent context

0 items

No verified recent catalyst is attached to this move. The relationship may be market-led rather than news-led.

WHY THIS GROUP EXISTS

Shared filing context

20/23 members covered

Moderate filing support: the strongest shared 10-Q/K outlook is operating setup (near-term outlook) across CPRT, CSGP, FIS, FISV, KFY, LOPE, NDAQ, NWSA, RHI, SPGI, SSNC.

restructuring affecting expense

“Due to these acquisitions, our net income (loss) has included significant charges for amortization of acquired intangible assets; depreciation and other amortization; acquisition- and integration-related costs, including gains or losses on equity investments acquired in prospective targets and related to deal-contingent financial instruments; interest income (expense); and restructuring and related costs, including certain advisory fees.”

CSGP 10-Q · 2026-07-29
credit / rates affecting interest expense

“The change was primarily due to a decrease in our cash and cash equivalents, as well as $9 million of interest expense recognized during the current quarter related to the Brown Judgment.”

CSGP 10-Q · 2026-07-29
demand / volume affecting revenue

“Net new bookings is calculated based on the annualized amount of change in our sales bookings resulting from new subscription-based contracts, changes to existing subscription-based contracts, and cancellations of subscription-based contracts for the period reported.”

CSGP 10-Q · 2026-07-29
CONFIRMATION NETWORK

Outsiders and cross-asset links

2 outsiders confirming

No qualified cross-asset lead/lag link is available for this group.

Filing-linked outsiders test whether the move is spreading beyond the established cohort.

JKHYMoving with group

FISV · text peer

EXLSMoving with group

G · text peer

FCNNot confirming

G · text peer

TBBKNot confirming

FISV · text peer

03 · WHO IS IN IT

Member participation

Unusual activity and daily price direction are shown separately
CSGPEFXRHIGKFYNDAQCPRTSPGISSNCFISVTRUFISOMCDOXNWSALRNMCOFICOGIBMSCIRELXLOPEIBM

7/23 active8 rising · 15 falling

MemberUnusual activityToday's moveRead now
CSGPCoStar Group, Inc.
Most unusual · 100/100
-0.1%
Active; unclassifiedActive in 8.8% of observed group sessions
EFXEquifax Inc.
Elevated · 84/100
-1.3%
Active; unclassifiedActive in 8.8% of observed group sessions
RHIRobert Half Inc.
Elevated · 81/100
-0.5%
Active; unclassifiedActive in 2.9% of observed group sessions
GGenpact Limited
Elevated · 78/100
-0.9%
Active; unclassifiedActive in 11.8% of observed group sessions
KFYKorn Ferry
Elevated · 72/100
-0.3%
Active; unclassifiedActive in 14.7% of observed group sessions
NDAQNasdaq, Inc.
Elevated · 70/100
-0.1%
Active; unclassifiedActive in 2.9% of observed group sessions
CPRTCopart, Inc.
Elevated · 62/100
+0.2%
Flow confirmerActive in 5.9% of observed group sessions
SPGIS&P Global Inc.
Elevated · 62/100
-0.5%
Active; unclassifiedActive in 8.8% of observed group sessions
SSNCSS&C Technologies Holdings, Inc.
Elevated · 55/100
-0.7%
Active; unclassifiedActive in 32.4% of observed group sessions
FISVFiserv, Inc.
Quiet · 49/100
-0.9%
Watch / laggardActive in 8.8% of observed group sessions
TRUTransUnion
Quiet · 48/100
+0.3%
Watch / laggardActive in 14.7% of observed group sessions
FISFidelity National Information Services, Inc.
Quiet · 47/100
-2.3%
Watch / laggardActive in 14.7% of observed group sessions
OMCOmnicom Group Inc.
Quiet · 42/100
-0.9%
Watch / laggardActive in 0% of observed group sessions
DOXAmdocs Limited
Quiet · 40/100
+0.3%
Watch / laggardActive in 17.6% of observed group sessions
NWSANews Corporation
Quiet · 39/100
+0.6%
Watch / laggardActive in 5.9% of observed group sessions
LRNStride, Inc.
Quiet · 39/100
+0.5%
Watch / laggardActive in 0% of observed group sessions
MCOMoody's Corporation
Quiet · 38/100
+0.4%
Watch / laggardActive in 11.8% of observed group sessions
FICOFair Isaac Corporation
Quiet · 35/100
-2.4%
Watch / laggardActive in 2.9% of observed group sessions
GIBCGI Inc.
Quiet · 35/100
-0.4%
Watch / laggardActive in 23.5% of observed group sessions
MSCIMSCI Inc.
Quiet · 34/100
-1.2%
Watch / laggardActive in 20.6% of observed group sessions
RELXRELX PLC
Quiet · 31/100
-1.4%
Watch / laggardActive in 2.9% of observed group sessions
LOPEGrand Canyon Education, Inc.
Quiet · 27/100
+0.7%
Watch / laggardActive in 20.6% of observed group sessions
IBMInternational Business Machines Corporation
Quiet · 21/100
+1.4%
Watch / laggardActive in 0% of observed group sessions
View exact member values
TICKERCompanyRole nowTodayObserved historyTrader interpretation
CSGPCoStar Group, Inc.Most unusual-0.1%8.8% of 34 sessionsMost unusual activity in this snapshot; performance direction may differ.
EFXEquifax Inc.Participating-1.3%8.8% of 34 sessionsPrice participation is not yet confirmed by per-name flow.
RHIRobert Half Inc.Participating-0.5%2.9% of 34 sessionsPrice participation is not yet confirmed by per-name flow.
GGenpact LimitedParticipating-0.9%11.8% of 34 sessionsPrice participation is not yet confirmed by per-name flow.
KFYKorn FerryParticipating-0.3%14.7% of 34 sessionsPrice participation is not yet confirmed by per-name flow.
NDAQNasdaq, Inc.Participating-0.1%2.9% of 34 sessionsPrice participation is not yet confirmed by per-name flow.
CPRTCopart, Inc.Participating+0.2%5.9% of 34 sessionsPrice participation with accumulating signed flow.
SPGIS&P Global Inc.Participating-0.5%8.8% of 34 sessionsPrice participation is not yet confirmed by per-name flow.
SSNCSS&C Technologies Holdings, Inc.Participating-0.7%32.4% of 34 sessionsPrice participation is not yet confirmed by per-name flow.
FISVFiserv, Inc.Quiet / lagging-0.9%8.8% of 34 sessionsNot participating yet; a breadth test or a genuine divergence.
TRUTransUnionQuiet / lagging+0.3%14.7% of 34 sessionsNot participating yet; a breadth test or a genuine divergence.
FISFidelity National Information Services, Inc.Quiet / lagging-2.3%14.7% of 34 sessionsNot participating yet; a breadth test or a genuine divergence.
OMCOmnicom Group Inc.Quiet / lagging-0.9%0% of 34 sessionsNot participating yet; a breadth test or a genuine divergence.
DOXAmdocs LimitedQuiet / lagging+0.3%17.6% of 34 sessionsNot participating yet; a breadth test or a genuine divergence.
NWSANews CorporationQuiet / lagging+0.6%5.9% of 34 sessionsNot participating yet; a breadth test or a genuine divergence.
LRNStride, Inc.Quiet / lagging+0.5%0% of 34 sessionsNot participating yet; a breadth test or a genuine divergence.
MCOMoody's CorporationQuiet / lagging+0.4%11.8% of 34 sessionsNot participating yet; a breadth test or a genuine divergence.
FICOFair Isaac CorporationQuiet / lagging-2.4%2.9% of 34 sessionsNot participating yet; a breadth test or a genuine divergence.
GIBCGI Inc.Quiet / lagging-0.4%23.5% of 34 sessionsNot participating yet; a breadth test or a genuine divergence.
MSCIMSCI Inc.Quiet / lagging-1.2%20.6% of 34 sessionsNot participating yet; a breadth test or a genuine divergence.
RELXRELX PLCQuiet / lagging-1.4%2.9% of 34 sessionsNot participating yet; a breadth test or a genuine divergence.
LOPEGrand Canyon Education, Inc.Quiet / lagging+0.7%20.6% of 34 sessionsNot participating yet; a breadth test or a genuine divergence.
IBMInternational Business Machines CorporationQuiet / lagging+1.4%0% of 34 sessionsNot participating yet; a breadth test or a genuine divergence.

04 · HAS THIS HAPPENED BEFORE

Identity history versus measured outcomes

Structural recurrence is not the same as a validated trading outcome
POINT-IN-TIME LIVE OUTCOMES

Early observed follow-through

4/4 events completed
30 minutes-0.21%25% continuation · n=4Median MFE +0.17% · MAE -1.53%
60 minutes-0.24%25% continuation · n=4Median MFE +0.17% · MAE -1.53%
Session close-0.13%33% continuation · n=3Median MFE +0.18% · MAE -1.27%
Next-session close-1.27%0% continuation · n=3Median MFE +0.15% · MAE -1.80%
Only point-in-time live watcher observations and conservative same-day EOD observations are included. Later backfills and replay runs are excluded.
moderate structural support

5 completed episodes across 34 active sessions provide moderate historical support. These episode counts describe recurrence; the outcome ledger above is the only forward-performance evidence.

Structural support48 daysHow often the cohort identity was observed
Completed episodes5Separate periods of broad group activity
Active sessions34Completed session observations, not trades
2026-08-13 → 2026-08-195 active sessionsNo name was active through every recorded session
2026-07-07 → 2026-08-0720 active sessionsNo name was active through every recorded session
2026-06-23 → 2026-07-027 active sessionsNo name was active through every recorded session
2026-06-171 active session100% composition consistency through the episode
2026-06-121 active session100% composition consistency through the episode
MEMBER CONSISTENCY IN OBSERVED ACTIVE SESSIONS
SSNC32.4% · 5 episodes
GIB23.5% · 3 episodes
LOPE20.6% · 3 episodes
MSCI20.6% · 3 episodes
DOX17.6% · 2 episodes
FIS14.7% · 3 episodes
KFY14.7% · 1 episode
TRU14.7% · 1 episode
G11.8% · 3 episodes
MCO11.8% · 3 episodes
CSGP8.8% · 2 episodes
EFX8.8% · 1 episode
FISV8.8% · 2 episodes
SPGI8.8% · 2 episodes
CPRT5.9% · 2 episodes
NWSA5.9% · 2 episodes
FICO2.9% · 1 episode
NDAQ2.9% · 1 episode
RELX2.9% · 1 episode
RHI2.9% · 1 episode
IBM0% · 0 episodes
LRN0% · 0 episodes
OMC0% · 0 episodes