Themes / Group
Inactive · established relationshipLive session · 12:43 ET

MARKET-DISCOVERED GROUP

Real Estate Services

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

5 of 9 measured SPY-adjusted paths align to the downside across 5.2 effective names. TTEK, BGC, ABM are also moving with filing-linked members. Capital-flow agreement is 24%, so the basket is not yet clean. No verified headline preceded the measured move.

Price breadth5 up · 4 down-1.4% median path versus SPY
Capital-flow alignment24%Price breadth is not yet confirmed by flow
Activity nowCalmActivity score 32/100 · lift 0.8×
Evidence depth2 episodesLow sample—context, not a validated playbook
EVIDENCE CLOCK

What happened, in timestamp order

4 timed events · 14:50–10:50 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 inferenceJLL registered the first material downside path

    -0.38% session path at the threshold · JLL

  2. 5-minute inferenceWRBY registered a material upside path

    +1.03% session path at the threshold · WRBY

  3. 5-minute inferenceOPLN registered a material downside path

    -0.60% session path at the threshold · OPLN

  4. 5-minute inferenceNMRK registered a material downside path

    -1.32% session path at the threshold · NMRK

2 earlier filing context receipts

MON, MAY 11ACM filing documented shared operating contextcredit / rates · date precision only

TUE, JUL 28CBRE filing documented shared operating contextcredit / rates · 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 5.2 effective names. NMRK represents 28.4% of absolute path energy; 5 of 9 members align with the down relative path.

ConstructionBroad28.4% from the largest path
Effective names5.2 / 9Movement diversity after concentration
Direction breadth5/9 aligneddownside relative path · 2 counter-moving
Largest moverNMRK 28.4%51.8% from the top two paths
NMRK28.4%Dominant mover · path -3.89% · basket -0.43pp
CWK23.4%Aligned contributor · path -3.20% · basket -0.36pp
CBRE17.1%Aligned contributor · path -2.34% · basket -0.26pp
CIGI12.5%Aligned contributor · path -1.71% · basket -0.19pp
JLL10.3%Aligned contributor · path -1.41% · basket -0.16pp
WRBY4.0%Counter-move · path +0.54% · basket +0.06pp
ACM2.5%Counter-move · path +0.34% · basket +0.04pp
OPLN1.4%Flat / inactive path · path -0.19% · basket -0.02pp
STN0.4%Flat / inactive path · path +0.06% · 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. JLL moved lower firstFirst member to clear the material path threshold · path -0.38%
  2. WRBY registered a material higher path0m after the first price move · path +1.03%
  3. OPLN registered a material lower path30m after the first price move · path -0.60%
  4. NMRK registered a material lower path35m after the first price move · path -1.32%
  5. CBRE registered a material lower path35m after the first price move · path -0.60%
  6. CWK registered a material lower path4050m after the first price move · path -3.20%

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 7 · 14:50 ETMove visible 15:55 ETAug 10 · 10:50 ET
Group median -1.41%Strongest relative path WRBYWeakest relative path NMRK

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

7/9 members covered

Moderate filing support: the strongest shared 10-Q/K outlook is operating setup (near-term outlook) across JLL, NMRK, WRBY.

credit / rates

“The change was primarily attributable to a $45.4 million cash outflow from the deconsolidation of a joint venture recognized in the prior year period, which did not reoccur in the current year period, partially offset by a $22.3 million change in our investment in the revolving credit facility which was comprised of net cash collections of $14.3 million in the prior year period compared to net cash loaned of $8.0 million in the current year period.”

ACM 10-Q · 2026-05-12
credit / rates affecting interest expense

“The increase in interest expense for the three and six months ended March 31, 2026 was primarily due to an increase in our interest-bearing liabilities.”

ACM 10-Q · 2026-05-12
restructuring affecting expense

“The decrease in tax expense for the current period compared to the corresponding period last year was due primarily to a tax benefit of $54.7 million related to deferred tax assets recognized due to legal entity restructuring implemented in the second quarter of fiscal 2026 and tax expense of $34.4 million related to changes in uncertain tax positions.”

ACM 10-Q · 2026-05-12
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.

TTEKMoving with group

ACM · competitor

Filing receipt
“We believe that our principal competitors include the following firms, in alphabetical order: AECOM; Arcadis NV; AtkinsRéalis; Black & Veatch Corporation; Booz Allen Ham…”
BGCMoving with group

NMRK · partner

Filing receipt
“Accordingly, existing partners at the time of the Separation in BGC Holdings became partners in Newmark Holdings and received corresponding units issued at the applicabl…”
ABMMoving with group

NMRK · competitor

Filing receipt
“Depending on the geography, property type or service, we may compete with other commercial real estate service providers, including outsourcing companies such as ISS A/S…”
JNot confirming

ACM · competitor

Filing receipt
“AECOM, Tetra Tech, WSP, Arcadis, Bechtel, Arup, Endava, Exponent, Mott MacDonald, Stantec, Parsons, Accenture, Mace, AtkinsRealis, Altair, Montrose, Capgemini, Fluor, De…”

03 · WHO IS IN IT

Member participation

Unusual activity and daily price direction are shown separately
CIGICBRENMRKCWKWRBYJLLSTNOPLNACM

6/9 active5 rising · 4 falling

MemberUnusual activityToday's moveRead now
CIGIColliers International Group Inc.
Most unusual · 100/100
+3.0%
Aligned path contributorActive in 33.3% of observed group sessions
CBRECBRE Group, Inc.
Elevated · 81/100
+0.4%
Aligned price + flowActive in 0% of observed group sessions
NMRKNewmark Group, Inc.
Elevated · 58/100
-1.4%
Dominant path moverActive in 0% of observed group sessions
CWKCushman & Wakefield Limited
Elevated · 57/100
+1.0%
Aligned path contributorActive in 0% of observed group sessions
WRBYWarby Parker Inc.
Elevated · 45/100
-1.9%
Counter-move / dispersionActive in 33.3% of observed group sessions
JLLJones Lang LaSalle Incorporated
Elevated · 44/100
-0.4%
Aligned price + flowActive in 33.3% of observed group sessions
STNStantec Inc.
Quiet · 35/100
+0.6%
Watch / laggardActive in 0% of observed group sessions
OPLNOPENLANE, Inc.
Quiet · 34/100
-1.7%
Watch / laggardActive in 33.3% of observed group sessions
ACMAECOM
Quiet · 31/100
+1.2%
Watch / laggardActive in 0% of observed group sessions
View exact member values
TICKERCompanyRole nowTodayObserved historyTrader interpretation
CIGIColliers International Group Inc.Most unusual+3.0%33.3% of 3 sessionsMost unusual activity in this snapshot; performance direction may differ.
CBRECBRE Group, Inc.Participating+0.4%0% of 3 sessionsPrice participation with accumulating signed flow.
NMRKNewmark Group, Inc.Participating-1.4%0% of 3 sessionsPrice participation is not yet confirmed by per-name flow.
CWKCushman & Wakefield LimitedParticipating+1.0%0% of 3 sessionsPrice participation is not yet confirmed by per-name flow.
WRBYWarby Parker Inc.Participating-1.9%33.3% of 3 sessionsPrice participation with distributing signed flow.
JLLJones Lang LaSalle IncorporatedParticipating-0.4%33.3% of 3 sessionsPrice participation with accumulating signed flow.
STNStantec Inc.Quiet / lagging+0.6%0% of 3 sessionsNot participating yet; a breadth test or a genuine divergence.
OPLNOPENLANE, Inc.Quiet / lagging-1.7%33.3% of 3 sessionsNot participating yet; a breadth test or a genuine divergence.
ACMAECOMQuiet / lagging+1.2%0% of 3 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

Live outcome ledger collecting

0/0 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.
Low structural sample

Only 2 completed episodes across 3 active sessions; treat history as context, not a validated playbook. These episode counts describe recurrence; the outcome ledger above is the only forward-performance evidence.

Structural support5 daysHow often the cohort identity was observed
Completed episodes2Separate periods of broad group activity
Active sessions3Completed session observations, not trades
2026-08-04 → 2026-08-062 active sessionsNo name was active through every recorded session
2026-07-301 active session100% composition consistency through the episode
MEMBER CONSISTENCY IN OBSERVED ACTIVE SESSIONS
CIGI33.3% · 1 episode
JLL33.3% · 1 episode
OPLN33.3% · 1 episode
WRBY33.3% · 1 episode
ACM0% · 0 episodes
CBRE0% · 0 episodes
CWK0% · 0 episodes
NMRK0% · 0 episodes
STN0% · 0 episodes