credit / rates affecting interest expense
“Interest expense increased during fiscal 2025 as compared to fiscal 2024 primarily due to the senior notes issued in January 2025.”
ADBE 10-K
Confirmed
Staffing & Consulting Services
23 names are moving together; 13% are participating in the current session.
3 observed Confirmed episodes
Co-movement
Observed member paths adjusted against SPY. Shading marks the latest observation window.
Members
| TICKER | Company | Sector | Today | Observed activity |
|---|---|---|---|---|
| TNET | TriNet Group, Inc. | Industrials | -1.3% | 4/7 observed active sessions |
| MAN | ManpowerGroup | Industrials | -3.5% | 4/7 observed active sessions |
| CBZ | CBIZ, Inc. | Industrials | +1.1% | 4/7 observed active sessions |
| NSP | Insperity, Inc. | Industrials | -1.9% | 1/7 observed active sessions |
| IT | Gartner, Inc. | Technology | -5.9% | Group member |
| NOW | ServiceNow, Inc. | Technology | -5.8% | Group member |
| ICFI | ICF International, Inc. | Industrials | -3.8% | 1/7 observed active sessions |
| PCTY | Paylocity Holding Corporation | Technology | -1.3% | 1/7 observed active sessions |
| FDS | FactSet Research Systems Inc. | Financial Services | -4.0% | Group member |
| BBSI | Barrett Business Services, Inc. | Industrials | -1.2% | 2/7 observed active sessions |
| PAYX | Paychex, Inc. | Technology | -1.1% | Group member |
| TRI | Thomson Reuters Corp | Industrials | -2.8% | 1/7 observed active sessions |
| ADP | Automatic Data Processing, Inc. | Technology | -1.8% | 2/7 observed active sessions |
| ADBE | Adobe Inc. | Technology | -4.3% | Group member |
| HRB | H&R Block, Inc. | Consumer Cyclical | +0.2% | Group member |
| MORN | Morningstar, Inc. | Financial Services | -1.6% | 1/7 observed active sessions |
| CSGP | CoStar Group, Inc. | Real Estate | -3.8% | Group member |
| FCN | FTI Consulting, Inc. | Industrials | -1.8% | 3/7 observed active sessions |
| RHI | Robert Half Inc. | Industrials | +0.3% | 2/7 observed active sessions |
| LOPE | Grand Canyon Education, Inc. | Consumer Defensive | -2.8% | 4/7 observed active sessions |
| KFY | Korn Ferry | Industrials | -2.0% | 2/7 observed active sessions |
| ARX | Accelerant Holdings | Financial Services | -4.8% | 1/7 observed active sessions |
| VRSN | VeriSign, Inc. | Technology | -0.6% | Group member |
Why we believe this
Cohort
23 namesParticipation
13% this sessionObserved history
12 daily buildsFiling coverage
22/23 membersrestructuring affecting expense
“These increases were partially offset by a decrease in employee compensation, including share-based compensation of $0.9 million, which is primarily due to $1.1 million in severance costs recorded in the prior year for an executive that resigned June 30, 2024.”
LOPE 10-K
demand / volume
“OPERATIONS OVERVIEW In our second quarter of fiscal 2026, we experienced strong demand across our portfolio of subscription-based solutions, driven by transformative and customer-focused product innovation.”
ADBE 10-Q
This identity theme becomes less useful if activity narrows to one or two names instead of remaining broad across the cohort.
Connected, outside the group
WDAY
NSPpartner · Not moving with the group now
Filing receipt · WDAY / NSP
“General and administrative expenses — Our general and administrative expenses primarily include: ◦ rent expenses related to our service centers and sales offices ◦ outsi…”
NSP · partner
CXM
ITcustomer · Not moving with the group now
Filing receipt · CXM / IT
“Sprinklr is recognized by leading industry analysts, including Gartner, Forrester, and IDC, across various customer experience and enterprise software categories.”
IT · customer
MSFT
HRBsupplier · Moving with the group now · 115 min observed
Filing receipt · MSFT / HRB
“A few examples of this type of reliance include: our relationships with Fidelity National Information Services, Inc.”
HRB · supplier
BILL
PAYXpartner · Not moving with the group now
Filing receipt · BILL / PAYX
“In addition, we previously announced embed partnerships with Paychex, Oracle NetSuite, and Acumatica, which we expect will extend our platform's reach and offer new paym…”
PAYX · partner
FIS
HRBsupplier · Not moving with the group now
Filing receipt · FIS / HRB
“A few examples of this type of reliance include: our relationships with Fidelity National Information Services, Inc.”
HRB · supplier
History
2026-07-141 observed active session · 100% of active names held across the episode
2026-07-07 → 2026-07-082 observed active sessions · 11.1% of active names held across the episode
2026-06-26 → 2026-07-024 observed active sessions · 10% of active names held across the episode