Inactive · established relationshipLatest completed snapshot · Oct 5 · 18:24 ET

MARKET-DISCOVERED GROUP

Software Stocks

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

7 of 12 measured SPY-adjusted paths align to the downside across 9.9 effective names. Common-bar coverage spans 12 of 24 cohort members. CXM is also moving with filing-linked members. Capital-flow agreement is 1%, so the basket is not yet clean. No verified headline preceded the measured move.

Price breadth22 up · 2 down-0.5% median path versus SPY

Capital-flow alignment1%Price breadth is not yet confirmed by flow

Activity nowCalmActivity score 23/100 · lift 0.8×

Evidence depth26 support daysLow sample—context, not a validated playbook

EVIDENCE CLOCK

What happened, in timestamp order

4 timed events · 10:20–15:55 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.

15:25 ET
5-minute inferenceHUBS registered the first material upside path
+1.40% session path at the threshold · HUBS
15:25 ET
5-minute inferenceAGYS registered a material downside path
-1.03% session path at the threshold · AGYS
15:25 ET
5-minute inferenceFIVN registered a material downside path
-0.91% session path at the threshold · FIVN
15:25 ET
5-minute inferenceGLBE registered a material downside path
-1.18% session path at the threshold · GLBE

2 earlier filing context receipts

WED, FEB 18APPN filing documented shared operating contextrestructuring affecting expense · date precision only

TUE, JUN 23AI filing documented shared operating contextrestructuring affecting expense · date precision only

THEME CONSTRUCTION

Broad move or one-stock disguise?

SPY-adjusted 5m paths

Observed movement is broad across 9.9 effective names. HUBS represents 13.5% of absolute path energy; 7 of 12 members align with the down relative path.

ConstructionBroad13.5% from the largest path

Effective names9.9 / 1212 of 24 cohort members had common bars

Direction breadth7/12 aligneddownside relative path · 5 counter-moving

Largest moverHUBS 13.5%26.8% from the top two paths

HUBS13.5%Counter-move · path +1.87% · basket +0.16pp

AGYS13.3%Aligned contributor · path -1.84% · basket -0.15pp

FIVN12.8%Aligned contributor · path -1.78% · basket -0.15pp

GLBE11.9%Aligned contributor · path -1.66% · basket -0.14pp

AI9.5%Aligned contributor · path -1.31% · basket -0.11pp

EPAM8.9%Counter-move · path +1.23% · basket +0.10pp

IOT7.7%Aligned contributor · path -1.07% · basket -0.09pp

ISRG6.5%Counter-move · path +0.90% · basket +0.07pp

COIN5.8%Aligned contributor · path -0.81% · basket -0.07pp

ASAN5.1%Counter-move · path +0.70% · basket +0.06pp

FVRR3.8%Counter-move · path +0.53% · basket +0.04pp

APPN1.1%Aligned contributor · path -0.15% · basket -0.01pp

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

15:25 ET
HUBS moved higher firstFirst member to clear the material path threshold · path +1.40%
15:25 ET
AGYS registered a material lower path0m after the first price move · path -1.03%
15:25 ET
FIVN registered a material lower path0m after the first price move · path -0.91%
15:25 ET
GLBE registered a material lower path0m after the first price move · path -1.18%
15:25 ET
AI registered a material lower path0m after the first price move · path -0.66%
15:25 ET
EPAM registered a material higher path0m after the first price move · path +1.09%

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

Oct 5 · 10:20 ETMove visible 15:25 ETOct 5 · 15:55 ET

Group median -0.48%Strongest relative path HUBSWeakest relative path AGYS

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

22/28 members covered

Moderate filing support: the strongest shared 10-Q/K outlook is operating setup (near-term outlook) across AI, COIN, EPAM, FIVN, HUBS, IOT, ISRG, MH, NOW, OSPN, PD, QNST, STE, TEAM, TRMB, WDAY.

restructuring affecting expense

“The increase was primarily attributable to an increase in cash paid for payroll and related costs, restructuring costs, and to vendors, partially offset by cash received from customers.”
AI 10-K · 2026-06-24

product pipeline / R&D affecting expense

“We expect future cash tax savings resulting from the full expensing of U.S. research and development expenses under the OBBBA.”
AGYS 10-K · 2026-05-21

credit / rates affecting interest expense

“34 Interest Expense Three Months Ended March 31, 2026 2025 $ Change % Change (dollars in thousands) Interest expense $ 4,172 $ 5,318 $ (1,146) (21.5) % % of revenue 2.1 % 3.2 % Interest expense decreased by $1.1 million in the three months ended March 31, 2026 as compared to the corresponding period in 2025 primarily due to a lower effective interest rate and lower outstanding principal compared to the prior year period.”
APPN 10-Q · 2026-05-07

CONFIRMATION NETWORK

Outsiders and cross-asset links

1 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.

CXMMoving with group

SPT · text peer

CRMNot confirming

AI · text peer

WKRelationship only · live confirmation unavailable

WDAY · text peer

AVPTNot confirming

NOW · text peer

03 · WHO IS IN IT

Member participation

Unusual activity and daily price direction are shown separately

FVRRISRGLSPDASANSTEWIXTEAMMNDYPDTRMBEPAMAGYSAPPNMHHUBSFIVNAIMCOWDAYNOWIOTGLBEOSPNCOIN

11/28 active22 rising · 2 falling

MemberUnusual activityToday's moveRead now

FVRRFiverr International Ltd.

Most unusual · 100/100

+0.5%

Counter-move / dispersionActive in 0% of observed group sessions

ISRGIntuitive Surgical, Inc.

Elevated · 53/100

+3.7%

Counter-move / dispersionActive in 0% of observed group sessions

LSPDLightspeed Commerce Inc.

Elevated · 49/100

+4.0%

Active; unclassifiedActive in 0% of observed group sessions

ASANAsana, Inc.

Elevated · 45/100

+6.2%

Counter-move / dispersionActive in 0% of observed group sessions

STESTERIS plc

Elevated · 35/100

+1.2%

Active; unclassifiedActive in 0% of observed group sessions

WIXWix.com Ltd.

Elevated · 34/100

+2.1%

Active; unclassifiedActive in 0% of observed group sessions

TEAMAtlassian Corporation

Elevated · 32/100

+4.8%

Active; unclassifiedActive in 0% of observed group sessions

MNDYmonday.com Ltd.

Elevated · 31/100

+4.9%

Active; unclassifiedActive in 0% of observed group sessions

PDPagerDuty, Inc.

Elevated · 29/100

+1.8%

Active; unclassifiedActive in 0% of observed group sessions

TRMBTrimble Inc.

Quiet · 22/100

+2.2%