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

MARKET-DISCOVERED GROUP

Financial Services & Healthcare

THE TRADER READRecurring relationship, inactive in the latest snapshot

8 of 10 measured session-normalized paths align to the upside across 5.6 effective names. AMP, SEIC, TROW are also moving with filing-linked members. Capital-flow agreement is 6%, so the basket is not yet clean. No verified headline preceded the measured move.

Price breadth9 up · 1 down+1.3% session-normalized median path
Capital-flow alignment6%Price breadth is not yet confirmed by flow
Activity nowCalmActivity score 21/100 · lift 0.8×
Evidence depth10 episodes25 observed active sessions
EVIDENCE CLOCK

What happened, in timestamp order

4 timed events · 09:30–15:55 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 inferenceSTT registered the first material upside path

    +0.46% session path at the threshold · STT

  2. 5-minute inferenceLAZ registered a material downside path

    -0.77% session path at the threshold · LAZ

  3. 5-minute inferenceIBKR registered a material upside path

    +1.86% session path at the threshold · IBKR

  4. 5-minute inferenceMS registered a material upside path

    +0.67% session path at the threshold · MS

2 earlier filing context receipts

TUE, NOV 4EVR filing documented shared operating contextcredit / rates affecting interest expense · date precision only

THU, JUL 30BEN filing documented shared operating contextcredit / rates affecting interest 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?

Session-normalized 5m paths

Observed movement is balanced across 5.6 effective names. IBKR represents 34.7% of absolute path energy; 8 of 10 members align with the up relative path.

ConstructionBalanced34.7% from the largest path
Effective names5.6 / 10Movement diversity after concentration
Direction breadth8/10 alignedupside relative path · 1 counter-moving
Largest moverIBKR 34.7%46.0% from the top two paths
IBKR34.7%Dominant mover · path +5.23% · basket +0.52pp
JEF11.3%Aligned contributor · path +1.70% · basket +0.17pp
STT11.0%Aligned contributor · path +1.65% · basket +0.17pp
MS10.2%Aligned contributor · path +1.54% · basket +0.15pp
GS9.7%Aligned contributor · path +1.46% · basket +0.15pp
BEN8.0%Aligned contributor · path +1.20% · basket +0.12pp
LAZ5.6%Counter-move · path -0.85% · basket -0.09pp
C5.0%Aligned contributor · path +0.75% · basket +0.07pp
IVZ3.9%Aligned contributor · path +0.58% · basket +0.06pp
EVR0.7%Flat / inactive path · path +0.11% · basket +0.01pp
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. STT moved higher firstFirst member to clear the material path threshold · path +0.46%
  2. LAZ registered a material lower path0m after the first price move · path -0.77%
  3. IBKR registered a material higher path40m after the first price move · path +1.86%
  4. MS registered a material higher path40m after the first price move · path +0.67%
  5. GS registered a material higher path40m after the first price move · path +0.61%
  6. IVZ registered a material higher path70m after the first price move · path +0.61%

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

RELATIVE CO-MOVEMENT

How the members are behaving together

Session-normalized
Aug 25 · 09:30 ETMove visible 10:45 ETAug 25 · 15:55 ET
Group median +1.33%Strongest relative path IBKRWeakest relative path LAZ

Observed member paths normalized to the session. 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

10/10 members covered

Moderate filing support: the strongest shared 10-Q/K outlook is operating setup (near-term outlook) across BEN, GS, IVZ, JEF, LAZ, STT.

credit / rates affecting interest expense

“These increases were partially offset by an increase in interest expense primarily related to the issuance of new senior notes in July 2025.”

EVR 10-Q · 2025-11-05
credit / rates

“The net cash provided by financing activities primarily reflected cash inflows from deposits (reflecting increases in other deposits, consumer deposits and brokered certificates of deposit) and net issuances of unsecured long-term borrowings, partially offset by common stock repurchases.”

GS 10-Q · 2026-05-01
restructuring

“These investments, which had a balance of $ 1,673 and $ 625 as of December 31, 2025 and 2024, respectively, are accounted for at their cost minus impairment, if any, plus or minus changes resulting from observable price changes.”

EVR 10-K · 2026-02-20
CONFIRMATION NETWORK

Outsiders and cross-asset links

3 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.

AMPMoving with group

BEN · text peer

SEICMoving with group

BEN · text peer

TROWMoving with group

BEN · text peer

MCNot confirming

LAZ · text peer

03 · WHO IS IN IT

Member participation

Unusual activity and daily price direction are shown separately
LAZEVRSTTJEFMSIVZBENCIBKRGS

5/10 active9 rising · 1 falling

MemberUnusual activityToday's moveRead now
LAZLazard, Inc.
Elevated · 100/100
-0.6%
Counter-move / dispersionActive in 8% of observed group sessions
EVREvercore Inc.
Most unusual · 88/100
+0.1%
Flow divergenceActive in 20% of observed group sessions
STTState Street Corporation
Elevated · 62/100
+1.1%
Aligned path contributorActive in 48% of observed group sessions
JEFJefferies Financial Group Inc.
Elevated · 52/100
+1.0%
Aligned path contributorActive in 28% of observed group sessions
MSMorgan Stanley
Elevated · 51/100
+1.3%
Aligned price + flowActive in 12% of observed group sessions
IVZInvesco Ltd.
Elevated · 45/100
+0.8%
Aligned path contributorActive in 12% of observed group sessions
BENFranklin Templeton Inc.
Elevated · 42/100
+1.2%
Aligned path contributorActive in 4% of observed group sessions
CCitigroup Inc.
Elevated · 37/100
+1.2%
Aligned price + flowActive in 32% of observed group sessions
IBKRInteractive Brokers Group, Inc.
Quiet · 27/100
+5.6%
Watch / laggardActive in 12% of observed group sessions
GSGoldman Sachs Group, Inc. (The)
Quiet · 17/100
+2.1%
Watch / laggardActive in 8% of observed group sessions
View exact member values
TICKERCompanyRole nowTodayObserved historyTrader interpretation
LAZLazard, Inc.Participating-0.6%8% of 25 sessionsPrice participation is not yet confirmed by per-name flow.
EVREvercore Inc.Most unusual+0.1%20% of 25 sessionsMost unusual activity in this snapshot; performance direction may differ.
STTState Street CorporationParticipating+1.1%48% of 25 sessionsPrice participation is not yet confirmed by per-name flow.
JEFJefferies Financial Group Inc.Participating+1.0%28% of 25 sessionsPrice participation is not yet confirmed by per-name flow.
MSMorgan StanleyParticipating+1.3%12% of 25 sessionsPrice participation with distributing signed flow.
IVZInvesco Ltd.Participating+0.8%12% of 25 sessionsPrice participation is not yet confirmed by per-name flow.
BENFranklin Templeton Inc.Participating+1.2%4% of 25 sessionsPrice participation is not yet confirmed by per-name flow.
CCitigroup Inc.Participating+1.2%32% of 25 sessionsPrice participation with accumulating signed flow.
IBKRInteractive Brokers Group, Inc.Quiet / lagging+5.6%12% of 25 sessionsNot participating yet; a breadth test or a genuine divergence.
GSGoldman Sachs Group, Inc. (The)Quiet / lagging+2.1%8% of 25 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

1/1 events completed

No completed point-in-time outcome is available yet. New live confirmations are now retained with their exact observation timestamp; statistics appear only after the corresponding candles complete.

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

10 completed episodes across 25 active sessions provide moderate historical support. These episode counts describe recurrence; the outcome ledger above is the only forward-performance evidence.

Structural support77 daysHow often the cohort identity was observed
Completed episodes10Separate periods of broad group activity
Active sessions25Completed session observations, not trades
2026-08-171 active session100% composition consistency through the episode
2026-07-29 → 2026-07-302 active sessions42.9% composition consistency through the episode
2026-07-211 active session100% composition consistency through the episode
2026-07-14 → 2026-07-163 active sessions10% composition consistency through the episode
2026-06-24 → 2026-07-079 active sessionsNo name was active through every recorded session
2026-06-101 active session100% composition consistency through the episode
MEMBER CONSISTENCY IN OBSERVED ACTIVE SESSIONS
STT48% · 8 episodes
C32% · 6 episodes
JEF28% · 5 episodes
EVR20% · 3 episodes
IBKR12% · 3 episodes
IVZ12% · 3 episodes
MS12% · 2 episodes
GS8% · 1 episode
LAZ8% · 2 episodes
BEN4% · 1 episode