{
  "report_rows": [
    {
      "kpi": "EPS",
      "prediction": "BEAT",
      "answer": "pred ~$1.31 vs. cons $1.27-1.28",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Net Interest Income (FTE)",
      "prediction": "IN-LINE",
      "answer": "pred ~$4.35B vs. cons $4.34B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Total Fee/Noninterest Revenue (incl. BTIG)",
      "prediction": "BEAT",
      "answer": "pred ~$3.30B vs. cons $3.20B",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 Total Net Revenue Growth (now incl. BTIG)",
      "prediction": "BETTER",
      "answer": "guide ~7% vs. cons 5% (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 Operating Leverage Target",
      "prediction": "BETTER",
      "answer": "guide ~250bps vs. cons 200bps (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "NIM Trajectory (path to 3% by 2027)",
      "prediction": "UNCHANGED",
      "answer": "guide ~2.80-2.85% exit vs. cons 2.80% (Q4 2026 exit rate)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": 0.8,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -1.1,
  "day5_path": "FADE",
  "day5_rationale": "Most of the beat-and-raise narrative (NII toward the upper end of 6-7%, fees above range, BTIG accretion, dividend hike/SCB confirmation) was pre-announced at the June 10 Morgan Stanley conference and the stock already rallied from the low-$50s to ~$63 pricing much of it in. Because reported NII lands near the top of the already-guided range rather than blowing through it, and expense growth is intentionally stepping up (3-4%) to fund investment, out-year 2027 EPS/NIM estimates are unlikely to move up materially even after a clean Q2 beat. With valuation extended after peer bank beats (JPM, WFC) already digested, this sets up a classic sell-the-news dynamic where an initial pop fades over the following days as analysts true-up estimates only modestly versus the size of the run-up.",
  "day5_confidence": "LOW"
}