Factor-driven, not sector-driven. All ten expected returns are negative, -17% to -23%. Short interest % is the dominant driver, earnings yield vs bonds is dragging every name. Trimble Inc. ($TRMB) -23

Molson Coors Beverage Company ($TAP) -20.8% conf 95: consumer defensive, short interest and earnings yield both negative, illiquidity up. Coinbase Global, Inc. ($COIN) -19.3% conf 96: financials, same combo but 12mo momentum also negative—no bounce signal. FirstEnergy Corp. ($FE) -19.2% conf 95: utilities, earnings yield vs bonds top drag, fwd/trail P/E negative. Paramount Skydance Corporation ($PSKY) -19.1% conf 94: comms, short interest bigger, illiquidity up. Tyler Technologies, Inc. ($TYL) -18.7% conf 96: tech, short interest negative but earnings-yield drag smaller than peers, illiquidity up. EchoStar Corporation ($SATS) -17.3% conf 94: comms, short interest and earnings yield both big negatives, momentum down. The Mosaic Company ($MOS) -17.2% conf 94: basic materials, short interest and earnings yield down, illiquidity up. Synopsys, Inc. ($SNPS) -17.0% conf 95: tech, the exception—short interest positive while earnings yield vs bonds and fwd/trail P/E drag. Watch short coverin

Molson Coors Beverage Company ($TAP) -20.8% conf 95: consumer defensive, short interest and earnings yield both negative, illiquidity up. Coinbase Global, Inc. ($COIN) -19.3% conf 96: financials, same combo but 12mo momentum also negative—no bounce signal.