Initial commit: OpenSpec setup and stock-deep-evaluation change
Set up OpenSpec spec-driven workflow and fully specify the first change, stock-deep-evaluation: a Next.js/TS app for thorough single-stock evaluation (valuation reasoning, macro factors, entry/exit points, stop-loss) with a pluggable data layer and Claude analysis agent. Includes proposal, design, specs (market-data, equity-evaluation, analysis-agent, evaluation-app), tasks, and the DE gold-standard example. Co-Authored-By: Claude Opus 4.8 (1M context) <noreply@anthropic.com>
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Claude Opus 4.8
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## ADDED Requirements
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### Requirement: Current standing summary
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The system SHALL produce a current-standing summary for the ticker containing:
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last price, absolute and percent change on the day, today's volume as a multiple
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of average, percent distance from the 52-week high and low, market capitalization,
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and trailing P/E.
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#### Scenario: Standing summary is produced
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- **WHEN** an evaluation is run for a resolved ticker with price and fundamentals
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- **THEN** the output includes price, day change (abs and %), volume multiple,
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distance from 52-week high and low, market cap, and trailing P/E
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### Requirement: Earnings recap when a recent report exists
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The system SHALL, when the most recent quarterly report falls within a
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configurable recency window, produce an earnings recap comparing reported EPS to consensus
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(beat/miss and magnitude), net income and its year-over-year change, and any
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changes to management guidance.
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#### Scenario: Recent earnings summarized
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- **WHEN** the latest earnings report falls within the recency window
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- **THEN** the output includes EPS actual vs consensus, the beat/miss magnitude,
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net income with YoY change, and guidance changes when available
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#### Scenario: No recent earnings
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- **WHEN** no report falls within the recency window
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- **THEN** the earnings recap is omitted and the evaluation proceeds
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### Requirement: Quality-of-earnings caveats
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The system SHALL surface quality-of-earnings caveats when the data supports them,
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including one-time items (e.g. tax or tariff refunds), price-driven versus
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volume-driven revenue changes, and headline metrics that compare against the
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wrong baseline (e.g. an equipment-sales figure presented as total revenue).
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#### Scenario: One-time item flagged
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- **WHEN** a reported result includes a disclosed one-time benefit or charge
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- **THEN** the evaluation notes the item and its approximate EPS impact when known
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#### Scenario: Price-vs-volume distinction made
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- **WHEN** segment or company data separates price realization from volume change
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- **THEN** the evaluation states how much of a revenue or profit move came from
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price versus units
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### Requirement: Financial and segment breakdown
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The system SHALL present a financial summary comparing the current period to the
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prior-year period (revenue, operating profit, margins, diluted EPS, operating
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and free cash flow) and, where segment data exists, a per-segment breakdown of
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revenue, year-over-year change, operating profit, and operating margin versus the
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prior-year margin.
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#### Scenario: Current-vs-prior financials presented
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- **WHEN** current and prior-year period data are available
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- **THEN** the output includes a side-by-side comparison of the listed metrics
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#### Scenario: Segment breakdown presented when available
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- **WHEN** the provider supplies segment data
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- **THEN** the output includes per-segment revenue, YoY, operating profit, and
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margin versus the prior-year margin
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### Requirement: Valuation analysis with over/undervalued reasoning
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The system SHALL compute a valuation view (TTM diluted EPS, trailing P/E, forward
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EPS and forward P/E from consensus, net-income and revenue growth, FCF yield,
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dividend yield) and compare current multiples against the company's own history.
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It SHALL state explicit, data-grounded reasons the company appears overvalued or
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undervalued, distinguishing multiple expansion from earnings growth and noting
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whether a high multiple sits on trough or peak earnings.
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#### Scenario: Valuation metrics computed
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- **WHEN** fundamentals and consensus estimates are available
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- **THEN** the output includes trailing P/E, forward P/E, growth rates, FCF yield,
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and dividend yield, plus a comparison to prior fiscal-year multiples
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#### Scenario: Explicit valuation reasoning produced
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- **WHEN** the valuation view is produced
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- **THEN** the output states specific reasons for the over/undervalued conclusion
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(e.g. "paying 29x a forecast recovery year before units confirm it")
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#### Scenario: Conflicting estimate feeds are reconciled
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- **WHEN** two estimate sources disagree on a forward figure
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- **THEN** the evaluation discloses the discrepancy and states which figure it used
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### Requirement: Macro and sector factor analysis
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The system SHALL identify macro and sector factors affecting the stock, such as
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tariffs and their year-over-year trajectory, interest-rate sensitivity, commodity
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or input-cost pressure on customers, and read-throughs from peer companies.
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#### Scenario: Macro factors surfaced
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- **WHEN** an evaluation is run
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- **THEN** the output lists the material macro/sector factors and their direction
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of impact on the stock
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### Requirement: Timing and volatility context
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The system SHALL provide timing context: how the stock has historically behaved
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after earnings prints, today's move versus the options-implied expected move,
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recent monthly trading ranges, and whether a post-earnings gap has been filled.
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#### Scenario: Post-earnings behavior characterized
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- **WHEN** historical prices around prior earnings dates are available
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- **THEN** the output summarizes the typical post-earnings move and how the current
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move compares to the implied expectation
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#### Scenario: Gap-fill status reported
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- **WHEN** the latest session gapped from the prior close
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- **THEN** the output states whether the gap was filled intraday
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### Requirement: Entry points
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The system SHALL produce a ranked set of candidate entry levels derived from
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technical structure (moving averages, swing lows, pre-earnings shelves), each
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annotated with what the level represents, its percent distance below the current
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price, and the valuation multiple implied at that price. It SHALL group nearby
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levels into practical entry bands.
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#### Scenario: Entry levels table produced
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- **WHEN** technical context and valuation are available
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- **THEN** the output includes candidate entry levels with their meaning, distance
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below current price, and implied multiple at that price
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#### Scenario: Entry bands recommended
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- **WHEN** multiple levels cluster within a narrow range
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- **THEN** the output groups them into a band and identifies a starter versus a
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high-conviction tranche
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### Requirement: Exit points and price targets
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The system SHALL produce candidate exit levels and price targets, incorporating
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analyst target average/median/range and technical resistance such as prior highs.
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#### Scenario: Exit targets produced
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- **WHEN** analyst targets and price history are available
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- **THEN** the output includes exit/target levels with their basis and upside from
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the current price
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### Requirement: Stop-loss levels
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The system SHALL recommend stop-loss levels grounded in technical structure and
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realized volatility (e.g. below a key moving average or swing low, or a
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volatility-based distance), stated as concrete prices with rationale.
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#### Scenario: Stop-loss recommended
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- **WHEN** an entry band is identified
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- **THEN** the output states a concrete stop-loss price for that entry and the
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technical/volatility basis for it
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### Requirement: Bull-versus-bear synthesis and actionable plan
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The system SHALL synthesize a bull case and a bear case as explicit lists, and
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produce an actionable plan: tranche sizing across entry bands, the next dated
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catalyst, conditional logic tying action to observable levels/dates, and the
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single most important metric to watch.
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#### Scenario: Bull and bear cases produced
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- **WHEN** an evaluation is run
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- **THEN** the output includes distinct bull and bear point lists grounded in the data
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#### Scenario: Actionable plan produced
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- **WHEN** entry, exit, and stop levels are available
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- **THEN** the output includes tranche guidance, the next dated catalyst, at least
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one conditional rule, and the key metric to monitor
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### Requirement: Not-advice disclaimer
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Every evaluation SHALL include a clear disclaimer that the output is analysis and
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not investment advice.
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#### Scenario: Disclaimer present
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- **WHEN** any evaluation is produced
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- **THEN** the output includes an analysis-not-advice disclaimer
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### Requirement: Structured evaluation object
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The system SHALL emit the evaluation as a typed, structured object (not only prose)
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so the UI and the analysis agent can consume individual sections. Missing inputs
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SHALL be represented explicitly rather than fabricated.
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#### Scenario: Structured object emitted
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- **WHEN** an evaluation completes
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- **THEN** a typed object containing each section is available to consumers
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#### Scenario: Missing data is not fabricated
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- **WHEN** a required input for a section is unavailable
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- **THEN** that section marks the value unavailable rather than inventing one
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