ALGN beat earnings by 14%. Stock down 6% this morning.
Yesterday we published: 3/6 NEUTRAL quality signal with earnings flat for 3 years. BEARISH disclosure signal, five years of unbroken tone deterioration. Strongest bearish options lean of the entire season at -6.65 IV spread. Our most cautious beat call of the night.
"The options market sides with the disclosure signal. We side with the beat pattern, but barely."
The options market was right. The beat cleared the bar. The guidance didn't change the narrative. Margins flat. Forward reaffirmed, not raised. The stock sold off into the bearish positioning we flagged.
The four-signal framework doesn't just call the number. It tells you what happens after.
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