Notes

A news scan found a table of measured scenarios for OCC R91904 with the following details: the stress scenario has a revenue of 85 million, a gross margin of 0.32, selling general and administrative expenses of 26 million, interest of 1 million, a tax rate of 0.25, a price to earnings ratio of 15, earnings per share of 0.010053128107320165, a value of 0.15079692160980246, and an upside percentage of -98.98247691221455. The current runrate scenario has a revenue of 97.188088 million, a gross margin of 0.3743178, selling general and administrative expenses of 27.850824 million, interest of 0.988448 million, a tax rate of 0.25, a price to earnings ratio of 20, earnings per share of 0.6326446823458972, a value of 12.652893646917944, and an upside percentage of -14.622849885843836. The growth scenario has a revenue of 110 million, a gross margin of 0.38, selling general and administrative expenses of 30 million, interest of 1.1 million, a tax rate of 0.25, a price to earnings ratio of 22, earnings per share of 0.9006863134504044, a value of 19.815098895908896, and an upside percentage of 33.70512075512075. The bull scenario has a revenue of 120 million, a gross margin of 0.4, selling general and administrative expenses of 31.5 million, interest of 1.2 million, a tax rate of 0.25, a price to earnings ratio of 25, earnings per share of 1.2908684708388036, a value of 32.27171177097009, and an upside percentage of 117.7578392103245. The analyst notes that these are assumptions, not guidance, and that the stress scenario's near-zero EPS multiple is not an asset floor or a credible liquidation target, with no probabilities assigned. https://www.sec.gov/Archives/edgar/data/1000230/000143774926029950/occ20260731_10q.htm

A financial report for OCC R91904 shows the following measurements: nine month free cash flow was -304,783, Q3 operating cash flow was 1,505,871, and Q3 free cash flow was 1,291,795. Q3 accounts payable and compensation financing was 1,579,666, and Q3 operating cash flow without accounts payable and compensation increase was -73,795. Other measurements include Q3 accounts receivable and inventory absorption at 2,435,956, Q3 work in progress growth at 859,716, and Q3 raw material growth at 1,277,486. Q3 finished goods change was -438,101, and Q3 cash conversion percentage was 81.04%. The nine month cash conversion percentage was 5.87%. Gross margin percentage for Q3 was 37.43%, and for Q2 it was 34.19%. Operating margin percentage for Q3 was 8.69%, and for Q2 it was 5.87%. Q3 sequential revenue growth percentage was 9.38%, and Q3 incremental gross margin percentage was 72.01%. Q3 backlog growth percentage was 1.50%, and backlog to quarter revenue percentage was 55.56%. The market capitalization was 131,038,795.68. Q3 annualized reported earnings per share was 0.84, and Q3 annualized 25% tax earnings per share was 0.63. Q3 annualized normalized price to earnings was 23.38. Net bank debt was 8,671,795, and days sales outstanding ending proxy was 44.84. Days inventory outstanding ending proxy was 138.82, and customer advances to inventory percentage was 1.10%. The derived Q3 flow is 9 months ending July 31 minus 6 months ending April 30, according to the SEC filing https://www.sec.gov/Archives/edgar/data/1000230/000143774926019811/occ20260430_10q.htm. The ending days sales outstanding and days inventory outstanding proxies are not aging. https://www.sec.gov/Archives/edgar/data/1000230/000143774926029950/occ20260731_10q.htm

The technical state of SFIX as of the close on September 18 was measured using 931 daily bars from September 19. The Short Moving Average, or SMA, which is a way to smooth out price data, was 3.04725 for 20 days, 3.504 for 50 days, and 3.9037 for 200 days. The Average True Range, or ATR, which measures price volatility, was 0.1217 for 20 days, calculated using the arithmetic method. The Relative Strength Index, or RSI, which measures the speed and change of price movements, was 34.58576 for 14 days, calculated using the Wilder style. The highest price in the last 252 days was 5.94 and the lowest was 2.81. The latest volume was 3,014,686, which is 2.015883 times the average volume of the preceding 20 days. The return over the last 20 sessions was -14.97006%. The annualized sample risk, or volatility, over 20 days was 41.42043%. There was no interpolation for missing dates and no unfinished bars were used in the calculation. The updated 52-week low indicates an adverse trend, rather than a 52-week high entry point. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SFIX&timeframe=1Day&feed=sip&adjustment=all

A statistical table for OCC R91904 was measured. The table shows the following results: the number of observations is 179, the correlation between OCC and GLW is 0.48171780410609866, and the correlation between OCC and SPY is 0.199248205258496. The Ordinary Least Squares, or OLS, beta is 2.0594354672696915, the OLS daily intercept percentage is 0.8690581218212, and the OLS R-squared, which measures how well a model fits the data, is 0.03969984729873166. The daily quantiles percentage, which shows the range of daily returns, are as follows: the 1st percentile is -13.270537040967955, the 5th percentile is -10.470924219091184, the 50th percentile, also known as the median, is -0.2845399936768911, the 95th percentile is 14.801801997612479, and the 99th percentile is 28.674204708069023. These results were computed on September 19 from 2693 adjusted daily bars from 2016 to September 18, with a correlation number of 179. The OLS results do not imply causation, and the alpha value is not causal. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=OCC,GLW,SPY&timeframe=1Day&feed=sip&adjustment=all

A news scan found the technical table for OCC R91904 with the following data: on September 18, 2026, at 04:00:00Z, the close price was 14.82. The prior 20-day high was 14.92. The Simple Moving Average, or SMA, over 50 days was 14.7242, and over 200 days was 11.0202. The Average True Range, or ATR, over 20 days was 1.074, which is 7.247 percent of the price. The stop price is 12.672. The net 3R target price is 21.9197, which is an upside of 47.906 percent. The highest price in the last 252 days was 27.9799. The drawdown from this high is 47.033 percent. The median volume over 20 days is 197,561. The worst gap down in the last 252 days was 18.854 percent, and the best gap up was 59.4309 percent. The potential loss per share if the stop price is reached is 2.2992, and the potential loss per share if the price falls by 50 percent is 7.41. This data was computed on September 19 from 2693 adjusted daily bars from 2016 to September 18, 2026, with a correlation of N179, and an Ordinary Least Squares, or OLS, analysis that is not causal, meaning it does not imply cause and effect, and has an alpha value. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=OCC,GLW,SPY&timeframe=1Day&feed=sip&adjustment=all

A news scan found the text 'Retrieved Sep 19; filepath Feb 2026, exact publication unverified.' The issuer claims to have a strong on-hand inventory and lead time better than the market, with next-day delivery for qualifying orders, specifically for MTDC enterprise rollable ribbon trunks. However, the fill rate and lead time for all SKUs were not measured. The text also mentions reconciling fiber constraints by product, scope, and date as of September 9, but this does not establish a guaranteed upstream supply or paid margin. https://www.occfiber.com/wp-content/uploads/2026/02/OCC-Lightera-Pre-Terminated-Trunks-Next-Gen-Fiber-26_FINAL.pdf

On March 16, 2026, a jointly authored statement by AFL, Corning, Lightera, and Prysmian claimed that the US has a fiber production capacity of $135 million, with a peak domestic capacity utilization of less than 5% for BEAD, and sufficient BABA compliant supply. However, this statement is a result of supplier policy advocacy incentives and represents only one joint statement, rather than four independent observations. The broadband capacity in March does not disprove the specific input bottleneck mentioned in the September OCC report, as designs, delivery schedules, and allocation differ. https://lightera.com/n/a-commitment-to-bead-u-s-fiber-and-cable-makers-are-each-ready-to-deliver/

On June 10, the issuer reported its financial results for the quarter that ended on May 2, 2026. The revenue was $340.277 million, which is a 4.7% increase from the same time last year. The company had 2.309 million active clients, which is a 0.9% increase from the previous quarter and a 1.9% decrease from the same time last year. The average revenue per active client, or RPAC, was $578, which is a 6.6% increase. The gross margin, or GM, was 43.7%, which is a 50 basis point decrease. The company had an EBITDA of $13.239 million, compared to a net loss of $1.525 million and stock-based compensation, or SBC, of $11.139 million. The operating cash flow, or OCF, was $11.774 million, and after subtracting capital expenditures, or capex, of $5.254 million, the free cash flow, or FCF, was $6.520 million, compared to $15.998 million last year. The company also bought back 4.5 million shares for $15.1 million and had $229.4 million in cash and investments with no debt. For the first nine months, the free cash flow was $15.445 million. For the fourth quarter, the company forecasts revenue of $322-327 million and EBITDA of $7-10 million. For the full year, the company forecasts revenue of $1346-1351 million and EBITDA of $49-52 million. These forecasts are based on the company's own predictions and are separate from the reported facts. This information does not include any updates from the September 19 news. https://investors.stitchfix.com/news-events/press-releases/news-details/2026/Stitch-Fix-Announces-Third-Quarter-of-Fiscal-2026-Financial-Results/default.aspx

As of September 2, 2026, there were 8,842,024 outstanding shares, including 6,421,999 that are redeemable. For the third quarter, the weighted average number of shares was 8,834,543. On July 31, the inventory consisted of 10,082,391 in raw materials, 6,834,989 in work-in-progress, and 5,713,569 in finished goods, with 3,075,180 in supplies. Customer advances were 252,841, compared to 68,386 on October 31. For the third quarter, the pretax income was 1,866,680, with a tax expense of 85,063, which is near zero current tax and cannot be permanent, based on a normalized assumption. It is assumed that the future tax rate will be 25%, which is an analyst assumption and not guidance. The redeemable balance of 9,543,077 is not current cash due. https://www.sec.gov/Archives/edgar/data/1000230/000143774926029950/occ20260731_10q.htm

The issuer's report for the period ending April 30, 2026, and June 8, 2026, shows the following financial information: operating cash flow was -1358236, capital expenditures for property, plant, and equipment were 210524, and intangibles were 27818. Accounts receivable absorption was 807449, inventory was 1468807, and accounts payable accrual change was -242457, with a compensation change of -54984. In the second quarter, sales were 22213646, gross profit was 7594448, selling, general, and administrative expenses were 6270197, earnings before interest and taxes were 1303866, and net income was 1054817. The company had raw materials worth 8804905, work in progress worth 5975273, and finished goods worth 6151670. The credit available was 4.6 million and the revolver was 7.3 million. This report will be compared to the July 31 filing for the third quarter cash flow, and it should not be assumed that a negative 9 million free cash flow means the third quarter will be negative. https://www.sec.gov/Archives/edgar/data/1000230/000143774926019811/occ20260430_10q.htm

A document from the Options Clearing Corporation, retrieved on September 19, 2026, outlines standard terms for contracts, which apply unless otherwise agreed in writing. Section 2 of the document permits pricing adjustments for changes in raw material or supplier prices and market changes, with quotes being valid for 30 days. Section 4 states that cancellation is not allowed without consent, and a minimum charge of 25% applies to standard stock cancellations when consent is given. Section 9 specifies that the default payment term is 30 days, with actual terms generally ranging from 30 to 90 days, although customer exceptions may apply. This document upgrades the potential for passing on costs, but it does not measure the actual share of repricing, accepted prices, or the enforceability of individual contracts, and it serves as a primary issuer contract template, not applicable to all customer contracts. https://www.occfiber.com/terms/

A news scan found the data line for XLE, which is a stock symbol. The last available trade on the IEX exchange was on September 18, 2026, at 20:12:51 UTC, with a price of 64.24 and a size of 100. The trade was marked as a buy, indicated by the letter B. The distance to the limit is 0.39 and the average true range, or atr, which is a measure of price volatility, is 1.26. The data is not stale, meaning it is current. The source of this information is a website. On September 19, at 04:04 UTC, it was noted that trades from September 18 were not current or consolidated, and therefore not executable. Both trades were below one average true range. There were 12 or 13 pending orders, but none were open or closed. A job, numbered 273, ended at 03:16 UTC, with 70 runs remaining. https://runway.adityaperswal.workers.dev/data/stock-snapshots?symbols=EEM%2CXLE&feed=iex

A news scan found the headline about EEM, which is a stock symbol. The last available trade on the IEX, or Investors Exchange, was on September 18, 2026, at 20:06:00 UTC, with a price of 67.04. The trade had an identifier of 52983978620467, a size of 100, and was marked as a buy, indicated by the letter V, on the exchange B. The distance, or difference, from the current price to the limit price is 0.33, and the average true range, or atr, which measures price volatility, is 0.94. The data is not stale, meaning it is up to date. The source of this information is a website. On September 19, at 04:04 UTC, it was noted that trades from September 18 were not current or consolidated, and therefore quotes were not executable. Both quotes were below one average true range. There were 12 or 13 pending orders from a query, but none were open or closed. A job, numbered 273, ended at 03:16 UTC, with 70 runs remaining. https://runway.adityaperswal.workers.dev/data/stock-snapshots?symbols=EEM%2CXLE&feed=iex

The current allocation is as follows: $1000 in equity and $1000 in cash, with a fund capital of $260, which replaces the previous $360. The query trades are empty, with zero closed trades and no lessons awaiting review. No independent capital endpoint was used. The planned allocation is $259.98, with a residual of $0.02. The supplied funds include $64.63 from the XLE queue and $86.66 from our own funds, totaling $151.29, which is less than $250. The actual allocation will be refreshed before execution. The old allocation of $394 was resolved and replaced with $401 on Monday, September 21 at 13:50 UTC, and $382 was retained. Job 267 was cancelled, and job 275 is active with 29 daily runs, with the first receipt pending. The local system has 1560 characters and ended on 11/11 with an exit code of 0. The initial schedule rejection due to a name longer than 60 characters was immediately repaired with a short name, and a premature acceptance of wording was corrected from 3677 to 3679. supplied2026-09-19T04:01 account context; query_trades:sector-rot; list_jobs:sector-rot; list_monitors:sector-rot

A news scan found the headline from State Street Corporation dated November 20, 2025, at 16:15 EST, which was shared by Nasdaq. This release confirms that the stocks XLK, XLY, XLE, XLU, and XLB will have a 2:1 split. The record date for this split is December 2, and the payment will be made after the market closes on December 4. Trading will start after the split on December 5. The total value of the stocks will remain the same. The full release is now available, which fixes an earlier issue where a direct PDF could not be found. This information supports the normalization of data, which had a typo that said 'Raw prices289?' but the actual raw price of XLK on December 4 was 291.07 and on December 5 was 146.60. https://www.nasdaq.com/press-release/state-street-investment-management-announces-share-splits-five-select-sector-spdrr

On September 9, 2026, the company's 10Q Management's Discussion and Analysis, or MD&A, mentioned forward-looking risks that are specifically related to suppliers for certain components, customized equipment, material price and availability, and the ability to pass increased costs to customers. This is also stated in the company's FY25 Exhibit 13.1, which can be found at https://www.sec.gov/Archives/edgar/data/1000230/000143774925038228/ex_897382.htm. The company did not disclose the share of procurement or enforceable allocation in the reviewed sections. Just because there is no dedicated Item 1A, it does not mean that there is no supplier risk. https://www.sec.gov/Archives/edgar/data/1000230/000143774926029950/occ20260731_10q.htm

A study was done on September 19 to see how much the difference in weekend gaps affects the results. The study used 10,000 random draws, with a seed of 91904, and looked at 20-row moving blocks of paired basket gaps and their original calendar labels. The results were then resampled to match the original 1255 rows. The study compared the results when there were three or more calendar days between events versus one day. The results showed a confidence interval of -0.473664642 to 0.229915031 for the USD. The interval for independent and identically distributed paired-row intervals was -0.486860811 to 0.179403303, which also crossed zero. This means that the selection hindsight and nonstationarity, which refers to the idea that the results may not be the same if the study was done again, are still present. These intervals measure the mean estimation, which is a way to calculate the average, and not the odds of loss or stop-hit, which is a term that refers to a type of risk management. https://runway.adityaperswal.workers.dev/data/stock-bars?feed=sip&adjustment=all

A news scan found the following data about SFIX contracts. There were 931 daily bars of data from January 2023 to September 18, 2026. The initial attempt to get data up to September 19 failed, but getting data up to September 18 succeeded. The last trade was at a price of 2.84, with a high of 2.935, a low of 2.81, and a volume of 3014686. A call option, which is a contract to buy something, with a strike price of 2.5 had a bid, or buying price, of 0.42 and an ask, or selling price, of 0.53 at 19:59:57.704Z, which is a time in UTC, or Coordinated Universal Time. This option was considered oversized by 53 USD. Another call option with a strike price of 5 had a bid of 0 and an ask of 0.03 at 19:59:07.869Z. A put option, which is a contract to sell something, with a strike price of 5 had a bid of 1.87 and an ask of 2.33 at 19:59:54.420Z. The contract multiplier, which is a factor that determines the size of the contract, is 100, and the standard size, which is the normal amount of the asset being traded, is also 100. It was noted that the observed closing prices were different from the prices at which trades could be executed, and that it is important to keep the data fresh. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SFIX&timeframe=1Day&feed=sip&adjustment=all

A news scan found the headline 'SFIX October 16 put 2.5 closing indicative ask'. This refers to a put option, which is a type of financial contract, for the stock SFIX with a strike price of 2.5 and an expiration date of October 16. On September 18 at 19:59:55.952Z, the bid, or the price at which someone is willing to buy, was 0.03 with a size of 435, and the ask, or the price at which someone is willing to sell, was 0.28 with a size of 284. The implied volatility, a measure of how much the price is expected to fluctuate, was 1.0828, and the delta, which measures the rate of change of the option price with respect to the underlying stock price, was -0.2581. The last trade was on September 18 at 19:03:12 at a price of 0.13 for 2 units, which differs from the daily bar close of 0.15. There is a discrepancy between the latest trade and the minute bar, indicating they are not interchangeable. The contract list still shows a price of 0.14 as of September 16 with an open interest of 166. There is no explicit agreement for OPRA, or Options Price Reporting Authority, which is a system that reports option prices, and the omitted feed response matches the indicative price but is not proof of OPRA entitlement. The put ask spread is 0.25, which is 89.29% of the ask price, meaning that buying at the ask price and selling at the bid price would result in a loss of 89.29% before any price movement. A regular session refresh and limit are needed, and no fill is inferred. https://runway.adityaperswal.workers.dev/data/option-chain/SFIX?feed=indicative

A news scan found the announcement that SFIX, a stock ticker, has confirmed its upcoming earnings report, which will be released after the market closes on Wednesday, September 23, 2026, at 5:17 PM Eastern Time. The standard 100-share contracts for October 16 will expire 23 calendar days after the event, which is more than the 7-day minimum required. This information was verified on September 19, and the event date is 4 days ahead. The information comes from two independent sources: the issuer for business and date, and Alpaca for prices, but syndications are not used to confirm the information. https://investors.stitchfix.com/news-events/press-releases/news-details/2026/Stitch-Fix-Announces-Date-for-Fourth-Quarter-and-Full-Fiscal-Year-2026-Financial-Results-and-Conference-Call/default.aspx

On September 19, 2026, a measurement was taken to analyze the stock price reaction of SFIX after its earnings event, which originally occurred on June 10, 2026. The stock price before the event was 3.6, and on the next day, June 11, 2026, it opened at 3.83 and closed at 4.2, showing a gap of 6.388888888888888%. This data was obtained from a reliable source that provides stock prices. The original prices were used without any adjustments. The distribution timestamps from December 2024 confirm that the event occurred at 16:05 ET. The date of the event was verified through the company's primary source, and the prices were obtained from venue data, which are not related to option returns. https://investors.stitchfix.com/news-events/press-releases/news-details/2026/Stitch-Fix-Announces-Third-Quarter-of-Fiscal-2026-Financial-Results/default.aspx

On September 19, 2026, the reaction to the SFIX earnings event, which originally occurred on March 11, 2026, after the market closed, was measured. The price of SFIX before the event was $3.38. The next day, March 12, 2026, the stock opened at $3.35 and closed at $3.30, resulting in a gap of -0.8875739644970349%. The prices were obtained from the stock bars data at https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SFIX&timeframe=1Day&feed=sip&adjustment=all, which provides original raw returned prices with no imputation. The distribution timestamps from December 2024 corroborate that the event occurred at 16:05 ET, as reported at https://www.globenewswire.com/search/organization/stitch%2520fix%CE%B4%2520inc%C2%A7. The date source is primary/company and the prices are from venue data, and these returns are not related to options. https://investors.stitchfix.com/news-events/press-releases/news-details/2026/Stitch-Fix-Announces-Date-for-Second-Quarter-2026-Financial-Results-and-Conference-Call/default.aspx

On December 4, 2025, Stitch Fix, or SFIX, had an earnings event. The stock closed at 4.69 before the event and opened at 4.4 the next day, December 5, 2025, before closing at 5.12. This means the stock price had a gap of -6.183368869936034% from the previous close to the next open. The stock prices come from a reliable source that provides original prices without making any changes. The timing of the event was confirmed by the company's distribution timestamps on December 2024, which showed that the event happened at 16:05 ET. The dates and prices were taken from the company's primary data and the venue where the stock is traded, and do not include any returns from options. https://investors.stitchfix.com/news-events/press-releases/news-details/2025/Stitch-Fix-Announces-Date-for-First-Quarter-2026-Financial-Results-and-Conference-Call/default.aspx

A news scan found the earnings event for SFIX on 2025-09-24. The stock closed at 5.64 before the event and opened at 4.775 and closed at 4.71 on 2025-09-25. This is a decrease of 15.336879432624107%. The stock prices come from a financial data source, and the event date and time were confirmed by the company's distribution timestamps on December 2024, which showed the event happening at 16:05 ET. https://investors.stitchfix.com/news-events/press-releases/news-details/2025/Stitch-Fix-Announces-Date-for-Fourth-Quarter-and-Full-Fiscal-Year-2025-Financial-Results-and-Conference-Call-09-03-2025/default.aspx

On June 10, 2025, Stitch Fix, or SFIX, had an earnings event. The stock closed at 4.79 before the event and opened at 4.56 the next day, June 11, 2025, then closed at 4.285. This means the stock price dropped by 4.801670146137793 percent. The stock price information comes from a website that provides stock market data. The original prices were used, without any changes. The company's announcement timestamps from December 2024 confirm that the event happened at 16:05 Eastern Time. The dates and prices come from the company and the stock market, and are not related to options trading. https://investors.stitchfix.com/news-events/press-releases/news-details/2025/Stitch-Fix-Announces-Date-for-Third-Quarter-2025-Financial-Results-and-Conference-Call-05-20-2025/default.aspx