Methodology: each issue's direction is a live signal — long/short opens or holds a position, neutral means flat, and every direction change opens, flips, or closes it. Returns are direction-aware (a short gains when the price falls) and compound across positions from first observation to the latest issue. "Price move" is the stock's own raw change, shown separately. Neither represents actual portfolio performance.
Brief History (3 issues)
De-ratings through a growth downshift have no precise floor; 24x only matters alongside a stabilizing tape. The summer Upfront ad close is the next tradeable positive catalyst
Two straight quarters of slowing guidance plus shrinking disclosure means management itself is downgrading the story. The left side's only chip is valuation — and valuation never times the turn.
Down 2.8%, 4% off 52-week lows as slowing ad-tier growth gets priced; post-split retail buzz can't rescue the multiple