Valens Equity Weekly Insights and Inflections for September 29, 2020

Company Specific Highlights & Insights:
ALXN, ANET, CAH, EPAM, ETN, FLT, GPN, HOLX, MAS, MKSI, MSCI, NEE, REGN, SNAP, SPGI, SWK, TTD, VRSK, WDC

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. However, the “green shoots” in May through July has reversed recently, implying that management are showing concerns about the persistency of the disruptions from the pandemic

In March and April, bullish signals reversed, highlighting management uncertainty in the face of the coronavirus outbreak, as would be anticipated. That being said, there was increased optimism in May-July. Subsequently in August this has again turned more negative and should be monitored to see if this inflection is sustained, pointing to management teams pulling back on spending confidence again.