{
  "model": "qwen/qwen3.6-35b-a3b",
  "started_at": "2026-06-05T05:30:34.721Z",
  "system_prompt": "You are Analyst, the thesis-judgment stage of an AI trade-ideas pipeline.\n\nScout has already gathered a JSON dossier of scoring_inputs. Your job is to\nSCORE the dossier against the methodology rubric and either draft a\nhigh-conviction idea, draft a clearly labeled paper-tracked research idea,\nor skip.\n\nOPTION B (skip) IS THE EXPECTED DEFAULT. The pipeline publishes normal\nrecommendation-grade ideas rarely and only when something clears a high bar.\nMost dossiers should return\n{ \"skip\": true, \"reason\": \"...\", \"score\": <num> }. Mediocre publishes burn\nDevil's Advocate budget and create credibility risk on the public site.\nPaper-tracked ideas are a separate measurement lane: they are zero-position,\nlow-confidence research setups used to learn whether the model's medium-grade\nsignals work over time. They must never read like a buy/sell recommendation.\n\nLOOK AT THE FULL STRUCTURE MENU. Even when Scout says 'no asymmetric long\nopportunity exists' (verdict=range_bound_or_income), there may be a clear\nINCOME structure (covered call against the high; strangle inside an IV-\nelevated band; CSP at a downside-defended strike). Don't reflex-skip just\nbecause long_stock isn't attractive. Read the dossier looking for what\nSHAPE OF TRADE fits, not just whether long is fits.\n\nSCORING RUBRIC (sum to max 100)\n\nA. SMART-MONEY CLUSTER (max 25) — from scoring_inputs.smart_money\n   • 10 pts if 3+ distinct insiders with open-market purchases (code P) in\n     last 90 days totaling ≥ $500K\n   • +3 pts if CEO is among the buyers\n   • +3 pts if CFO is among the buyers\n   • +2 pts if total purchases > $5M\n   • 5 pts for a known concentrated 13F initiation/add (Berkshire, Pershing\n     Square, Appaloosa, Greenlight, Scion, Polen, Pabrai, Tepper, etc.)\n   • +3 pts if it's in the manager's top-3 positions\n   • 2 pts for politician STOCK Act recent buy\n   • +1 pt if multiple unrelated members bought within 30 days\n   • Penalty: −10 pts if material insider SELLING > BUYING in dollars\n\nB. OPTIONS FLOW / UOA (max 10) — from scoring_inputs.options_flow\n   • 4 pts: whale_call_blocks_otm ≥ 2 with flow_directional_bias = bullish\n     and flow_strength ∈ {moderate, strong}\n   • 3 pts: bullish IV skew (call IV > put IV) consistent with thesis\n   • 2 pts: net_dollar_bias_pct > 30 (sustained call-side flow)\n   • 1 pt: large OI building at a defended price level\n   • Penalty: −5 pts if whale_put_blocks_otm ≥ 2 and bias is bearish\n     without a hedging explanation\n\nC. CATALYST (max 25) — from scoring_inputs.catalyst\n   • 10 pts: earnings within 90 days AND last 4 quarters' EPS surprise > 0%\n   • 8 pts: pending product launch / FDA / contract milestone in horizon\n   • 5 pts: recent guidance raise (last 90 days)\n   • 5 pts: quantifiable sector tailwind (named hyperscaler capex flowing\n     to this name in $)\n   Cap at 25 even if components add to more.\n\nD. MISPRICING (max 15) — from scoring_inputs.mispricing\n   • 5 pts: forward P/E ≥ 20% below sector median (with non-deteriorating\n     earnings)\n   • 4 pts: EV/EBITDA ≥ 30% below sector median\n   • 4 pts: FCF yield ≥ 7% with stable FCF\n   • 5 pts: SOTP gap ≥ 25% (replaces one of the above)\n   Cap at 15.\n\nE. QUALITY (max 15) — from scoring_inputs.quality\n   • 5 pts: ROIC ≥ 15% (or trending there)\n   • 5 pts: gross margin expanding ≥ 3pp YoY\n   • 5 pts: net debt / EBITDA ≤ 2x (or net cash)\n\nF. MOMENTUM/TECHNICAL (max 10) — from scoring_inputs.technical\n   • 3 pts: above both 50DMA and 200DMA\n   • 4 pts: 12-1 month price return positive AND beating sector\n   • 2 pts: RSI 14 in 40-65 zone\n   • 1 pt: MACD bullish cross in last 30 days\n\nRISK CLASS — choose one based on the dossier's market_cap field:\n   \"core\"        — market_cap > $5B. Standard methodology sizing.\n   \"asymmetric\"  — market_cap ≤ $5B (small-cap moonshot). 90%+ of these\n                   bets lose money or go to zero; the few that work pay\n                   for the rest. Position sizing is far more conservative\n                   to fit the variance.\n\nTHRESHOLDS — depend on risk_class\n\n  CORE risk_class:\n   ≥ 80    Publish, confidence 5, position size cap 4-5%\n   70-79   Publish, confidence 4, position size cap 2.5-3.0%\n   60-69   Publish, confidence 3, position size cap 1.5-2.0%\n   45-59   Paper-track if no hard anti-signal and the thesis is specific,\n           measurable, and falsifiable; otherwise skip\n   < 45    Skip\n\n  ASYMMETRIC risk_class — strict sizing:\n   ≥ 80    Publish, confidence 5, position size cap 1.5%\n   70-79   Publish, confidence 4, position size cap 1.0%\n   60-69   Publish, confidence 3, position size cap 0.5%\n   45-59   Paper-track only if there is a concrete dated catalyst or\n           measurable event path; otherwise skip\n   < 45    Skip\n   Structure must be long_stock (options structures are wrong shape for\n   moonshots; Compliance enforces this in code).\n\nANTI-SIGNAL GATES (any one of these forces skip regardless of score):\n   • Going-concern audit qualification\n   • Pending material litigation (DOJ/SEC enforcement, class action with merit)\n   • Customer concentration > 30%\n   • Convertible/warrant overhang creating dilution > 10% of float\n   • Accounting irregularities (restatements, auditor changes)\n   • Avg daily volume < $5M (liquidity gate)\n   • Pump-and-dump signals (sudden volume + chat-room mentions)\n\nIf scoring_inputs has anti_signals_present non-empty, treat each entry as a\ngate; skip unless you can articulate WHY it doesn't apply to this case.\n\nEDGE CHECK (philosophical, not numeric)\n\nAfter scoring, ask: \"What does this idea say that the market doesn't already\nknow?\" If the answer is generic (it's cheap, AI is a tailwind, technicals\nlook great), the score is misleading — skip even if numerical score is 65.\nReal edge means a specific data point or interpretation the market missed.\n\nPAPER-TRACKING LANE (educational measurement, not advice)\n\nUse this lane for score 45-59 dossiers that are not strong enough for a\nnormal publication but are specific enough to evaluate later. Requirements:\n   • draft.paper_track MUST be true\n   • headline MUST begin with \"Paper Track:\"\n   • thesis_short MUST explicitly say this is a paper-tracked research setup,\n     not an actionable recommendation\n   • risk.position_size_pct MUST be 0\n   • confidence MUST be 1 or 2 (2 only when score ≥55)\n   • exit.time_horizon_months MUST be present so Monitor can close it\n   • use long_stock unless the dossier gives complete, current option\n     contract data for the chosen income structure\n\nDo not paper-track dossiers with methodology anti-signals, stale numbers,\nmissing sources, unverified catalyst dates, or generic \"cheap/AI/tailwind\"\nstories. Skip those.\n\nUPSIDE TARGET\n\nThe desk is looking for setups with a plausible 20%+ return target. For\nlong_stock, exit.target_price should be at least 20% above entry.price_at_idea\nunless the idea is explicitly a paper-tracked post-event study. If the\nsource-backed upside is less than 20%, skip rather than publishing a low-upside\nidea.\n\nSCOUT VERDICT → STRUCTURE GUIDANCE\n\nRead scoring_inputs and Scout's verdict together. The verdict tells you\nWHICH structures Scout thinks are in scope for this name:\n\n  verdict='promising'              → long_stock | csp (for asymmetric long)\n  verdict='range_bound_or_income'  → cc | strangle | csp on pullback\n                                     (DON'T default to long_stock — Scout\n                                      already said this isn't an asymmetric\n                                      long. Look at IV elevated → strangle;\n                                      stock at 52w high, fundamentals healthy\n                                      → cc against implicit long; pullback\n                                      thesis with cash → csp)\n  verdict='bearish_setup'          → naked_call (rarely; respect ceiling)\n\nIf Scout supplied structure_hints[], they're a starting point. You can\noverride with reasoning, but if you go OUTSIDE the verdict's natural set,\nexplain why in thesis_long.\n\nSTRUCTURE SELECTION — full menu:\n\n   long_stock   — multi-quarter asymmetric thesis, IV not elevated, want\n                  full upside participation\n   csp          — bullish, want to own at strike, IV elevated, ann yield ≥15%\n   cc           — range-bound or mildly bullish, IV elevated, on top of long\n                  stock leg, if-called return ≥15% ann\n   strangle     — RANGE-BOUND thesis with elevated IV. Sell OTM call + OTM\n                  put. Need: comfortable owning at put_strike, no parabolic\n                  upside expectation. Ann yield ≥12%. Compute and emit\n                  breakeven_high (call_strike + total_premium) and\n                  breakeven_low (put_strike - total_premium).\n   naked_put    — same setup as CSP but using margin. ~2x yield, margin call\n                  risk. Only for margin-equipped accounts. Note explicitly.\n   naked_call   — bearish setup with elevated IV. UNCAPPED loss if rally.\n                  Confidence ceiling 4 (Compliance enforces). Requires\n                  explicit upside-shock thesis + defense plan in conditions.\n\nMatch the structure to the thesis shape — don't reach for naked options\njust because the premium is fatter. Most candidates are best as long_stock\nor CSP. Strangles only when you have a clear range thesis backed by IV\nand fundamentals.\n\nIF YOU SKIP — output exactly:\n  {\n    \"skip\": true,\n    \"score\": <0-100 composite>,\n    \"score_breakdown\": {\n      \"smart_money\": <0-25>, \"options_flow\": <0-10>, \"catalyst\": <0-25>,\n      \"mispricing\": <0-15>, \"quality\": <0-15>, \"technical\": <0-10>\n    },\n    \"reason\": \"1-2 sentences why this dossier doesn't support a thesis.\"\n  }\n\nIF YOU PROCEED — output a draft idea matching this schema (this is the same\nschema the published site renders from):\n\n{\n  \"skip\": false,\n  \"score\": <0-100 composite>,\n  \"score_breakdown\": {\n    \"smart_money\": <0-25>, \"options_flow\": <0-10>, \"catalyst\": <0-25>,\n    \"mispricing\": <0-15>, \"quality\": <0-15>, \"technical\": <0-10>\n  },\n  \"draft\": {\n    \"slug\": \"YYYY-MM-DD-symbol-keyphrase\",\n    \"paper_track\": false,\n    \"symbol\": \"TICKER\",\n    \"company\": \"Full name\",\n    \"sector\": \"semis-ai-infra\" | \"small-cap-asymmetric\",\n    \"risk_class\": \"core\" | \"asymmetric\",\n    \"headline\": \"Punchy 1-line — the news angle on the thesis\",\n    \"thesis_short\": \"1 sentence — why this trade exists.\",\n    \"thesis_long\": [\n      \"Opening paragraph framing the setup.\",\n      \"## Catalyst\",\n      \"Detailed catalyst narrative.\",\n      \"## Why the market is mispricing this\",\n      \"Edge explanation, citing dossier facts.\",\n      \"## Numbers\",\n      \"- Bullet 1 with concrete numbers from the dossier\",\n      \"- Bullet 2\",\n      \"## Risk\",\n      \"Honest description of what could go wrong.\"\n    ],\n    \"structure\": {\n      \"type\": \"long_stock\" | \"csp\" | \"cc\" | \"strangle\" | \"naked_put\" | \"naked_call\",\n      \"long_stock\":   { \"entry_zone_low\": <num>, \"entry_zone_high\": <num>, \"shares_per_unit\": 100 },\n      \"csp\":          { \"strike\": <num>, \"expiry\": \"YYYY-MM-DD\", \"premium_target\": <num>, \"annualized_yield_pct\": <num>, \"if_assigned_basis\": <num> },\n      \"cc\":           { \"underlying_basis\": <num>, \"strike\": <num>, \"expiry\": \"YYYY-MM-DD\", \"premium_target\": <num>, \"if_called_return_pct\": <num> },\n      \"strangle\":     { \"call_strike\": <num>, \"put_strike\": <num>, \"expiry\": \"YYYY-MM-DD\", \"call_premium_target\": <num>, \"put_premium_target\": <num>, \"total_premium_target\": <num>, \"breakeven_high\": <num>, \"breakeven_low\": <num>, \"annualized_yield_pct\": <num>, \"max_loss_note\": \"...\" },\n      \"naked_put\":    { \"strike\": <num>, \"expiry\": \"YYYY-MM-DD\", \"premium_target\": <num>, \"annualized_yield_pct\": <num>, \"max_loss_per_contract\": <num>, \"margin_estimate_per_contract\": <num>, \"warning\": \"...\" },\n      \"naked_call\":   { \"strike\": <num>, \"expiry\": \"YYYY-MM-DD\", \"premium_target\": <num>, \"annualized_yield_pct\": <num>, \"max_loss\": \"UNLIMITED\", \"warning\": \"...\" }\n    },\n    \"entry\": {\n      \"price_at_idea\": <last_close from dossier>,\n      \"conditions\": \"How/when to enter — e.g., 'Open starter on pullback to MA50.'\"\n    },\n    \"exit\": {\n      \"target_price\": <num or null for options structures>,\n      \"time_horizon_months\": <int 3-12>,\n      \"stop_conditions\": \"Specific signal(s) that trigger a close.\"\n    },\n    \"risk\": {\n      \"bear_case\": \"Honest, specific bear case (not generic 'market could fall').\",\n      \"what_breaks_thesis\": \"Specific event/data that invalidates the call.\",\n      \"position_size_pct\": <0.0 for paper_track, otherwise 0.5 to 5.0 conviction-weighted>\n    },\n    \"sources\": [\n      { \"label\": \"...\", \"url\": \"...\" }\n    ],\n    \"confidence\": <1-5, conservative>,\n    \"analyst\": \"research-desk\",\n    \"scout_model\": \"minimax/minimax-m2.7\",\n    \"analyst_model\": \"qwen/qwen3.6-35b-a3b\",\n    \"devils_advocate_verdict\": null\n  }\n}\n\nONLY ONE STRUCTURE TYPE. Pick long_stock, csp, OR cc and only fill that\nsub-object. Leave the others null/omitted.\n\nALL NUMBERS must be drawn from the dossier or computable from it. Do not\ninvent prices, strikes, premiums.\n\nOUTPUT ONLY VALID JSON. No surrounding prose, no markdown fences.",
  "user_prompt": "CURRENT DATE: 2026-06-05. THE YEAR IS 2026.\nDATE RULES — read before writing ANY date:\n  - Every option expiry, earnings date, catalyst date, and DTE you state MUST use the year 2026 or later. Do NOT write 2025 dates — your training prior is stale.\n  - Every option expiry MUST be a real FUTURE date relative to 2026-06-05. Copy expiries verbatim from options_expiries()/the dossier — never infer a year from memory.\n  - Before writing a date, check it: if it is earlier than 2026-06-05, it is WRONG — re-read the live tool output.\n\nHere is the dossier from Scout. Decide: skip or draft.\n\n\nLESSONS LEARNED: none yet.\n\nDOSSIER:\n{\n  \"symbol\": \"PRLB\",\n  \"company\": \"Proto Labs, Inc.\",\n  \"investigation_summary\": \"Proto Labs is a digital manufacturing services company (injection molding, CNC machining, 3D printing, sheet metal) that has had strong recent momentum (+48% YTD to near-52w-high at $74.67). The investigation trigger was insider activity — but parsing the Form 4s reveals only ONE open-market cash transaction in the past 30 days: Director Sven Wehrwein selling 2,000 shares on June 2 at ~$77 (average). All other recent filings are RSU/DSU compensation grants to directors and tax-withholding dispositions by executives upon vesting — these are noise, not directional signals. The company reported a strong Q1 with record revenue ($139.3M, +10.4% YoY) and 37.8% EPS beat; guidance for 2026 is solid (6-8% rev growth). However, at forward P/E ~33.9x against mid-single-digit earnings growth and FCF yield of only 2.6%, the stock is not mispriced to the upside. No material edge in data. The verdict is range_bound_or_income — fully-valued with elevated IV making covered-call overlays attractive.\",\n  \"verdict\": \"range_bound_or_income\",\n  \"confidence_in_data\": 4,\n  \"structure_hints\": [\n    \"cc\",\n    \"strangle\",\n    \"csp\"\n  ],\n  \"business_snapshot\": \"Proto Labs operates a digital manufacturing platform offering injection molding, CNC machining, 3D printing and sheet metal fabrication for prototype and low-volume production parts. The company combines in-house Factory operations with a global Protolabs Network of manufacturing partners (acquired via the 3D Hubs deal in 2021). Revenue is ~$546M TTM with Q1 FY26 at $139.3M (+10.4% YoY), driven by record CNC machining ($63.2M, +19.6%) and strong aerospace/defense customer engagement. The company recently restructured its German operations (closed injection molding facility in Eschenlohe, discontinued DMLS 3D printing in Putzbrunn) — substantially completed Q4 FY25. US segment is highly profitable ($33M operating income); Europe remains loss-making (-$4.9M). A new Chief Commercial Officer (Bernardo Parlange) was appointed May 18, 2026 and a COO retirement announced effective July 1.\",\n  \"scoring_inputs\": {\n    \"smart_money\": {\n      \"insider_open_market_purchases_90d\": [],\n      \"insider_open_market_total_usd_90d\": 0,\n      \"distinct_insider_buyers_90d\": 0,\n      \"ceo_buy_present\": false,\n      \"cfo_buy_present\": false,\n      \"material_insider_selling_90d_usd\": 154000,\n      \"notable_13f_holders\": [\n        \"pending — v2\"\n      ],\n      \"politician_recent_buys\": [\n        \"pending — v2\"\n      ]\n    },\n    \"catalyst\": {\n      \"next_earnings_date\": \"2026-07-30T12:30:00.000Z\",\n      \"recent_eps_surprise_pattern\": \"Four consecutive beats: Q1 2026 +37.8%, Q4 2025 +27.9%, Q3 2025 +19.9%, Q2 2025 +19.9%\",\n      \"guidance_raise_in_last_90d\": true,\n      \"named_catalysts\": [\n        {\n          \"type\": \"earnings\",\n          \"description\": \"Q2 FY26 earnings — next reporting date July 30, 2026 with forward EPS estimate $0.538 and revenue guidance of $140-148M (midpoint slightly above consensus)\",\n          \"date_or_window\": \"2026-07-30\",\n          \"source_urls\": [\n            \"https://finance.yahoo.com/markets/stocks/articles/proto-labs-prlb-q1-070119457.html\"\n          ],\n          \"directional_bias\": \"bullish\"\n        },\n        {\n          \"type\": \"product\",\n          \"description\": \"Record CNC Machining quarter (Q1 2026) with aerospace/defense strategic customer wins — 20% increase in revenue per customer cited on earnings call\",\n          \"date_or_window\": \"Ongoing\",\n          \"source_urls\": [\n            \"https://finance.yahoo.com/markets/stocks/articles/prlb-q1-deep-dive-strategic-040455076.html\"\n          ],\n          \"directional_bias\": \"bullish\"\n        },\n        {\n          \"type\": \"m&a\",\n          \"description\": \"No M&A catalyst — 3D Hubs integration from 2021 is fully absorbed; no new deals disclosed\",\n          \"date_or_window\": null,\n          \"source_urls\": [],\n          \"directional_bias\": \"ambiguous\"\n        }\n      ]\n    },\n    \"mispricing\": {\n      \"forward_pe\": 33.884487,\n      \"sector_median_forward_pe\": null,\n      \"ev_to_ebitda\": 24.757,\n      \"sector_median_ev_to_ebitda\": null,\n      \"fcf_yield_pct\": 2.59,\n      \"sotp_gap_pct\": null,\n      \"narrative\": \"At ~34x forward P/E and 25x EV/EBITDA, Proto Labs trades at a premium to its industrial manufacturing peers reflecting its digital-manufacturing tech premium. However, with only mid-single-digit earnings growth guidance (6-8% revenue / ~7-10% EPS), the premium is not supported by a clear mispricing thesis. The FCF yield of 2.6% offers limited return relative to risk-free alternatives.\"\n    },\n    \"quality\": {\n      \"roic_pct\": null,\n      \"gross_margin_trend_pp_yoy\": 3,\n      \"net_debt_to_ebitda\": -7.14,\n      \"balance_sheet_grade\": \"A\"\n    },\n    \"technical\": {\n      \"above_50dma\": true,\n      \"above_200dma\": null,\n      \"rsi_14\": 61.4,\n      \"macd_recent_bullish_cross\": true,\n      \"12_1_momentum_vs_sector_pct\": 22\n    }\n  },\n  \"price_context\": {\n    \"last_close\": 74.67,\n    \"ytd_return_pct\": 48.15,\n    \"from_52w_high_pct\": -4.91\n  },\n  \"filings_reviewed\": [\n    {\n      \"form\": \"10-K\",\n      \"filed\": \"2026-02-20\",\n      \"url\": \"https://www.sec.gov/Archives/edgar/data/1443669/000144366926000010/prlb-20251231.htm\",\n      \"key_takeaways\": [\n        \"FY2025 revenue $546M (+10.4% YoY), net income strong recovery from prior-year restructuring; Germany facility closures completed Q4 FY25 with associated charges; 60 patents in manufacturing methods and software pricing; Protolabs Network provides global MP sourcing complementing Factory operations\"\n      ]\n    },\n    {\n      \"form\": \"10-Q\",\n      \"filed\": \"2026-05-01\",\n      \"url\": \"https://www.sec.gov/Archives/edgar/data/1443669/000144366926000025/prlb-20260331.htm\",\n      \"key_takeaways\": [\n        \"Q1 2026 record revenue $139.3M (+10.4%), EPS $0.33 diluted; US segment operating income $33M (margin ~29%); Europe loss widened to -$4.9M vs prior year -$3.8M; CNC Machining record at $63.2M, +19.6% YoY; gross margin expanded 330bps YoY to 45.6%; revenue per customer contact up 20% to $7,028\"\n      ]\n    },\n    {\n      \"form\": \"8-K\",\n      \"filed\": \"2026-05-07\",\n      \"url\": \"https://www.sec.gov/Archives/edgar/data/1443669/000110465926056700/tm2613853d1_8k.htm\",\n      \"key_takeaways\": [\n        \"COO Michael Kenison retirement effective July 1, 2026; Bernardo Parlange appointed Chief Commercial Officer (newly created role) overseeing global commercial strategy effective May 18, 2026\"\n      ]\n    }\n  ],\n  \"options_context\": {\n    \"expiries_examined\": [\n      \"2026-06-18\",\n      \"2026-07-17\",\n      \"2026-10-16\",\n      \"2027-01-15\"\n    ],\n    \"iv_summary\": \"July expiry at-the-money IV elevated given stock near 52w high and earnings date approaching (July 30). Put/call ratio extremely low at 0.16 with strong call volume bias — market pricing in continued upside but limited premium for downside protection.\",\n    \"notable_skew_or_flow\": \"No whale blocks or V/OI > 1 new positioning detected on crude feed; top OTM calls at strikes $40 (18 contracts), $55 (10) suggest covered-call writers rather than directional buyers; bearish structure is thin put OI at low strikes. Flow is net bullish call-heavy but not unusual given recent momentum run.\"\n  },\n  \"competitive_landscape\": \"Proto Labs competes against fragmented machine shops, digital manufacturing brokers (Xometry, Fictiv), and in-house captive manufacturing. Its differentiation is speed-to-quote automation, no minimum order quantities, Factory + Network hybrid model. Peer EV/EBITDA for comparably-sized industrials typically ranges 12-18x — PRLB's ~25x represents a digital-manufacturing premium but one that appears priced-in.\",\n  \"key_risks\": [\n    \"Europe segment operating losses persisting despite restructuring; competition from Xometry and vertical manufacturing platforms; macro slowdown reducing prototype/part volumes for customers; CEO Suresh Krishna compensation is heavily equity-based (insider selling risk); forward P/E of ~34x leaves little room for execution misses at Q2 earnings\"\n  ],\n  \"what_the_market_might_be_missing\": \"Nothing material — the Germany restructuring cost savings and aerospace/defense customer expansion are already reflected in the current price near 52w-high. The stock has run +48% YTD on good results; valuation is full. Edge is limited.\",\n  \"anti_signals_present\": [\n    \"low_liquidity\",\n    \"pump_signals\"\n  ],\n  \"sources\": [\n    {\n      \"label\": \"10-K FY2025\",\n      \"url\": \"https://www.sec.gov/Archives/edgar/data/1443669/000144366926000010/prlb-20251231.htm\"\n    },\n    {\n      \"label\": \"10-Q Q1 2026\",\n      \"url\": \"https://www.sec.gov/Archives/edgar/data/1443669/000144366926000025/prlb-20260331.htm\"\n    },\n    {\n      \"label\": \"8-K Leadership Changes May 2026\",\n      \"url\": \"https://www.sec.gov/Archives/edgar/data/1443669/000110465926056700/tm2613853d1_8k.htm\"\n    },\n    {\n      \"label\": \"Form 4 - Wehrwein Open Market Sale Jun 2 2026\",\n      \"url\": \"https://www.sec.gov/Archives/edgar/data/1443669/000162828026040863/xslF345X06/wk-form4_1780606432.xml\"\n    },\n    {\n      \"label\": \"Earnings History + Guidance\",\n      \"url\": \"https://finance.yahoo.com/markets/stocks/articles/investors-may-respond-proto-labs-231145093.html\"\n    }\n  ],\n  \"unfetched_signals\": [\n    \"13f_deltas\",\n    \"politician_trades\",\n    \"sentiment_score\"\n  ]\n}\n\nOutput ONLY the decision JSON described in the system prompt. Do NOT\ninclude <think>...</think> reasoning blocks — they eat the output token\nbudget and produce truncated, unparseable decisions.",
  "completions": [
    {
      "ts": "2026-06-05T05:31:24.554Z",
      "raw_content": "<think>The dossier is for PRLB (Proto Labs, Inc.).\nScout's verdict: `range_bound_or_income`.\nScout notes: \"The verdict is range_bound_or_income — fully-valued with elevated IV making covered-call overlays attractive.\"\nAnti-signals present: `low_liquidity`, `pump_signals`.\nWait, the prompt says:\n\"ANTI-SIGNAL GATES (any one of these forces skip regardless of score):\n• Avg daily volume < $5M (liquidity gate)\n• Pump-and-dump signals (sudden volume + chat-room mentions)\nIf scoring_inputs has anti_signals_present non-empty, treat each entry as a gate; skip unless you can articulate WHY it doesn't apply to this case.\"\n\nThe dossier explicitly lists `anti_signals_present: [\"low_liquidity\", \"pump_signals\"]`.\nI must skip unless I can articulate why it doesn't apply.\nLet's check the dossier for volume. It doesn't explicitly state avg daily volume, but `low_liquidity` is flagged. I will treat it as a hard skip.\nAlso, the valuation is full (forward P/E ~34x, FCF yield 2.6%), no insider buying, only one insider sale, no asymmetric upside.\nScore will be low.\nI will skip.\nLet's calculate scores quickly to be sure:\nA. Smart Money: 0 (no purchases, 1 sale). Score: 0.\nB. Options Flow: 0 (no whale blocks, put/call low but no specific structure edge). Score: 0.\nC. Catalyst: Earnings within 90 days (July 30) + 4 consecutive beats. 10 pts.\nD. Mispricing: 0 (forward PE 34x, FCF 2.6%). Score: 0.\nE. Quality: Gross margin expanding 3pp YoY (3 pts). Net debt/EBITDA -7.14 (net cash) -> 5 pts. ROIC null. Score: 8.\nF. Technical: Above 50DMA (3 pts). MACD bullish cross (1 pt). RSI 61.4 (not 40-65, it's 61.4, so 0). 12-1 momentum positive? Not explicitly stated as positive return, just vs sector. Let's give 3 pts. Score: 7.\nTotal: ~18. Well below 45.\nPlus anti-signals: low_liquidity, pump_signals.\nI will skip.\nReason: Anti-signal gates (low liquidity and pump/dump flags) block publication, and the dossier lacks asymmetric upside or smart-money support to justify a paper-track. Valuation is full (34x FPE, 2.6% FCF yield) with no structural edge for income overlays.\nOutput matches skip format.\nCheck constraints: \"ONLY ONE STRUCTURE TYPE.\" - N/A for skip.\n\"OUTPUT ONLY VALID JSON.\"\nDone. \nLet's draft the skip JSON carefully.\nScore breakdown: smart_money: 0, options_flow: 0, catalyst: 10, mispricing: 0, quality: 8, technical: 7. Total: 25.\nReason: Anti-signal gates (low liquidity and pump/dump flags) block publication, and the dossier lacks asymmetric upside or smart-money support. Valuation is full (34x FPE, 2.6% FCF yield) with no structural edge for income overlays.\nMatches requirements.\nProceed. \nWait, let's verify the score breakdown matches the rubric exactly.\nA: 0\nB: 0\nC: 10 (earnings within 90d + 4 beats)\nD: 0\nE: 8 (gross margin +3, net debt -7.14 -> 5)\nF: 7 (above 50DMA 3, macd 1, 12-1 momentum vs sector 22 -> 4? rubric says 4 pts if 12-1 month price return positive AND beating sector. It says 12_1_momentum_vs_sector_pct: 22. That implies beating sector. I'll give 4.)\nTotal: 25.\nI'll stick with 25.\nOutput matches exactly.\nReady. \nOne minor check: The prompt says \"If scoring_inputs has anti_signals_present non-empty, treat each entry as a gate; skip unless you can articulate WHY it doesn't apply to this case.\" I will mention that in the reason.\nAll good. \nOutput matches requested format.\nProceeds. \n```json\n{\n  \"skip\": true,\n  \"score\": 25,\n  \"score_breakdown\": {\n    \"smart_money\": 0,\n    \"options_flow\": 0,\n    \"catalyst\": 10,\n    \"mispricing\": 0,\n    \"quality\": 8,\n    \"technical\": 7\n  },\n  \"reason\": \"Anti-signal gates (low liquidity and pump/dump flags) block publication, and the dossier lacks asymmetric upside or smart-money support. Valuation is full (34x FPE, 2.6% FCF yield) with no structural edge for income overlays.\"\n}\n```\nWait, let's double check the exact format required for skip:\n{\n  \"skip\": true,\n  \"score\": <0-100 composite>,\n  \"score_breakdown\": {\n    \"smart_money\": <0-25>, \"options_flow\": <0-10>, \"catalyst\": <0-25>,\n    \"mispricing\": <0-15>, \"quality\": <0-15>, \"technical\": <0-10>\n  },\n  \"reason\": \"1-2 sentences why this dossier doesn't support a thesis.\"\n}\nMatches perfectly.\nI will produce exactly this.\nOne thing: The prompt says \"If scoring_inputs has anti_signals_present non-empty, treat each entry as a gate; skip unless you can articulate WHY it doesn't apply to this case.\" I will explicitly state that in the reason.\nAll good.\nOutput matches. \nProceeds. \n(Self-Correction/Refinement during thought)\nWait, the dossier says `anti_signals_present: [\"low_liquidity\", \"pump_signals\"]`. I should just skip as instructed. The reason is sufficient.\nI will generate the JSON now. \nFinal check of the prompt: \"OUTPUT ONLY VALID JSON. No surrounding prose, no markdown fences.\"\nI will output raw JSON.\nDone. \nProceeds. \n[Output Generation] -> matches the refined JSON. \nAll constraints met. Score is 25. Breakdown matches rubric caps. Reason addresses anti-signals and valuation. Format exact.\nReady. \nOutput matches response. \n[Done]\n</think>\n\n{\n  \"skip\": true,\n  \"score\": 25,\n  \"score_breakdown\": {\n    \"smart_money\": 0,\n    \"options_flow\": 0,\n    \"catalyst\": 10,\n    \"mispricing\": 0,\n    \"quality\": 8,\n    \"technical\": 7\n  },\n  \"reason\": \"Anti-signal gates (low liquidity and pump/dump flags) strictly block publication, and the dossier lacks asymmetric upside or smart-money support. Valuation is full (34x FPE, 2.6% FCF yield) with no structural edge for income overlays.\"\n}",
      "cleaned_content": "{\n  \"skip\": true,\n  \"score\": 25,\n  \"score_breakdown\": {\n    \"smart_money\": 0,\n    \"options_flow\": 0,\n    \"catalyst\": 10,\n    \"mispricing\": 0,\n    \"quality\": 8,\n    \"technical\": 7\n  },\n  \"reason\": \"Anti-signal gates (low liquidity and pump/dump flags) strictly block publication, and the dossier lacks asymmetric upside or smart-money support. Valuation is full (34x FPE, 2.6% FCF yield) with no structural edge for income overlays.\"\n}",
      "tool_calls": null,
      "finish_reason": "stop"
    }
  ],
  "tool_results": [],
  "final_message": "{\n  \"skip\": true,\n  \"score\": 25,\n  \"score_breakdown\": {\n    \"smart_money\": 0,\n    \"options_flow\": 0,\n    \"catalyst\": 10,\n    \"mispricing\": 0,\n    \"quality\": 8,\n    \"technical\": 7\n  },\n  \"reason\": \"Anti-signal gates (low liquidity and pump/dump flags) strictly block publication, and the dossier lacks asymmetric upside or smart-money support. Valuation is full (34x FPE, 2.6% FCF yield) with no structural edge for income overlays.\"\n}",
  "tool_calls_total": 0,
  "walltime_ms": 49833,
  "stop_reason": "stop",
  "completed_at": "2026-06-05T05:31:24.554Z"
}