Valens Equity Weekly Insights and Inflections for March 9, 2021

Company Specific Highlights & Insights:
ARMK, AYX, CAT, CL, CRUS, CTSH, DHR, EBAY, EW, ISRG, KMX, LPLA, LUV, MMM, 
NTCT, PII, PINC, PLAN, VZ

Aggregate ECF™ Trend Analysis:

Management confidence showed a robust recovery in May through July after the pandemic-driven drop in management confidence earlier this year. The “green shoots” in May through July did moderate somewhat through Q3, however they remain at more bullish levels, signaling a willingness to invest when fundamentals are more normal.