Q2 print — the beat is side-stepped, the guide cut is the lit fuse
KLAR de-rating path: guidance reset → markdowns → multiple compression → execution discount → momentum breakdown
Results beat, guidance falls Q2 beat guide cut side-stepped — no propagation Sell-side markdown revenue & growth trimmed guidance cut Multiple reset growth premium unwinds Execution discount CFO · CMO exits 2027 trimmed estimates de-rating pressure discount stacks on 200d 50d gap −22% Momentum breakdown 50d & 200d MAs broken
Illustrative propagation — a market-mechanism inference from the Q2 print, not a measured process.