gloomberb 0.18.3 → 0.18.4

package/src/plugins/builtin/ticker-detail/overview/model.ts

@@ -1,7 +1,10 @@
-import { formatPriceEarnings } from "../../../../utils/price-earnings";
+import { formatPriceEarnings, NOT_MEANINGFUL } from "../../../../utils/price-earnings";
 import { convertMarketCapitalization } from "../../../../utils/market-capitalization";
 import { priceColor } from "../../../../theme/colors";
-import type { CompanyProfile, NextEarnings, Quote, TickerFinancials } from "../../../../types/financials";
+import type { CompanyProfile, DepositaryPair, NextEarnings, Quote, TickerFinancials } from "../../../../types/financials";
+import { adrRatioText } from "../../../../utils/depositary-receipt";
+import { ratioCount } from "../../../../market-data/depositary-pair";
+import { ADR_PAIR_TAB_ID, ADR_PAIR_TEMPLATE_ID } from "../adr-pair/model";
 import type { Portfolio, TickerPosition, TickerRecord } from "../../../../types/ticker";
 import type { BrokerInstanceConfig } from "../../../../types/config";
 import type { BrokerAccount } from "../../../../types/trading";
@@ -28,11 +31,12 @@ import { getPortfolioPositionMetrics, getPortfolioQuoteDisplay, resolvePortfolio
 import { listingDividendYield, liveForwardPE, liveMarketCapitalization, liveTrailingPE } from "../../../../market-data/quotes/live-valuation";
 import { atRegularSessionPrice } from "../../../../market-data/quotes/regular-session-valuation";
 import { formatReportedMoney } from "../../../../utils/reported-money";
-import { enterpriseValueCheck, fundamentalsCurrency, fundamentalsEpsCurrency, reportedEnterpriseValue } from "../../../../utils/fundamentals";
+import { enterpriseValueCheck, enterpriseValueNotMeaningful, fundamentalsCurrency, fundamentalsEpsCurrency, reportedEnterpriseValue } from "../../../../utils/fundamentals";
 import { formatShortDate } from "../../../../utils/datetime-format";
 import { safeExternalUrl } from "../../../../utils/external-url";
 import type { FundBondFacts } from "../../../../api-client/fund-facts";
 import { bondFigures } from "../../../../market-data/bond-funds";
+import { formatRunwayMonths, type CashRunway, type RunwayEstimate } from "../../../../utils/cash-runway";
 
 type CurrencyConverter = (value: number, fromCurrency: string) => number;
 
@@ -42,6 +46,8 @@ const SHORT_INTEREST: OverviewFunctionLink = { name: "Short Interest", tabId: "s
 const EARNINGS: OverviewFunctionLink = { name: "Earnings", templateId: "earnings-calendar-pane" };
 const DIVIDENDS: OverviewFunctionLink = { name: "Dividends", tabId: "dividend-yield", templateId: "dividend-yield-pane" };
 const FUND_FACTS: OverviewFunctionLink = { name: "Fund Facts", templateId: "sec-etf-pane" };
+const FINANCIALS: OverviewFunctionLink = { name: "Financials", tabId: "financials", templateId: "financial-analysis-pane" };
+const ADR_PAIR: OverviewFunctionLink = { name: "ADR vs Home", tabId: ADR_PAIR_TAB_ID, templateId: ADR_PAIR_TEMPLATE_ID };
 
 /** A bond fund's sponsor figures in a narrow grid: `SEC Yield 4.04% 2026-10-15`. */
 const BOND_STAT_LABELS = { secYield: "SEC Yield", yieldToWorst: "Yld to Worst" } as const;
@@ -108,6 +114,33 @@ function positionAccountLabel(position: TickerPosition, names: PositionAccountNa
   return `${positionAccountName(position, names)}${suffix}`;
 }
 
+/** A runway measure as the grid reads it: `12.0 mo`, or `no burn`. */
+function runwayText(estimate: RunwayEstimate): string {
+  return estimate.kind === "no-burn" ? "no burn" : formatRunwayMonths(estimate.months, "mo");
+}
+
+/**
+ * Months of cash for a company that burns it, at the latest quarter's burn
+ * with the trailing year's after it and the balance sheet's date where it
+ * fits (`12.0 mo qtr to 06-30 · TTM 14.4 mo`). It opens Financials, whose
+ * Liquidity rows show the cash and the monthly burn. A company whose
+ * trailing operating cash flow is nonnegative or unavailable has no row.
+ */
+function runwayStat(runway: CashRunway | null | undefined): StatField | null {
+  if (runway?.trailing?.kind !== "months") return null;
+  const { quarter, trailing, periodEnd } = runway;
+  const dates = [periodEnd, periodEnd.slice(5)];
+  if (!quarter) return { label: "Runway", value: runwayText(trailing), detail: [...dates.map((date) => `TTM to ${date}`), "TTM"], link: FINANCIALS };
+  const ttm = ` · TTM ${runwayText(trailing)}`;
+  return {
+    label: "Runway",
+    value: runwayText(quarter),
+    // "12.0 mo TTM 14.4 mo" would read as one figure: a narrow column keeps "qtr" alone.
+    detail: [...dates.map((date) => `qtr to ${date}${ttm}`), `qtr${ttm}`, "qtr"],
+    link: FINANCIALS,
+  };
+}
+
 export function buildOverviewStats({
   quote,
   fundamentals,
@@ -117,13 +150,15 @@ export function buildOverviewStats({
   marketCapExchangeRates = new Map(),
   nextEarnings,
   depositaryReceipt = false,
+  depositaryPair = null,
   today,
   dividend,
   bond = null,
+  runway = null,
 }: {
   quote: Quote | undefined;
   fundamentals: TickerFinancials["fundamentals"] | undefined;
-  /** The currency the statements report in, for fundamentals that declare none. */
+  /** The currency the statements report in, for fundamentals that declare none on a listing that trades in it. */
   financialCurrency?: TickerFinancials["financialCurrency"];
   quoteCurrency: string;
   baseCurrency: string;
@@ -132,6 +167,8 @@ export function buildOverviewStats({
   nextEarnings?: NextEarnings;
   /** The share count is in depositary receipts, not ordinary shares. */
   depositaryReceipt?: boolean;
+  /** The receipt pair the listing is a side of, as Gloom Cloud serves it; `receiptSide` when the listing is the receipt. */
+  depositaryPair?: { pair: DepositaryPair; receiptSide: boolean } | null;
   /** The listing's calendar day, YYYY-MM-DD; dates before it are left out. */
   today?: string;
   /** The history the dividend yield reads (useOverviewDividend): a trailing one is measured from its cash, a forward one stops with it; without it the yield stands. */
@@ -141,9 +178,11 @@ export function buildOverviewStats({
    * distribution yield, not its SEC yield, which follows it with its date.
    */
   bond?: FundBondFacts | null;
+  /** Months of cash at the latest balance sheet (utils/cash-runway); shown when the company burns cash. */
+  runway?: CashRunway | null;
 }): StatField[] {
   const stats: StatField[] = [];
-  const money = (value: number, perShare = false) => formatReportedMoney(value, fundamentalsCurrency({ fundamentals, financialCurrency }), perShare);
+  const money = (value: number, perShare = false) => formatReportedMoney(value, fundamentalsCurrency({ fundamentals, financialCurrency, quote }), perShare);
 
   // An index's 0 is volume nobody counts, not a quiet session: no Volume row.
   const volume = reportedQuoteVolume(quote);
@@ -164,15 +203,25 @@ export function buildOverviewStats({
       ),
     });
   }
+  // A count read off a 10-K or 10-Q cover says when it was counted; the source's own is undated.
+  const counted = (asOf: string | undefined) => (asOf ? { detail: [`as of ${asOf}`, `as of ${asOf.slice(5)}`] } : {});
   if (fundamentals?.sharesOutstanding) {
     stats.push({
       label: "Shares Out",
       value: formatCompact(fundamentals.sharesOutstanding),
-      ...(depositaryReceipt ? { detail: ["ADR equivalent", "in ADRs"] } : {}),
+      ...(depositaryReceipt ? { detail: ["ADR equivalent", "in ADRs"] } : counted(fundamentals.sharesOutstandingAsOf)),
     });
   }
   if (finite(fundamentals?.floatShares) && fundamentals.floatShares > 0) {
-    stats.push({ label: "Float", value: formatCompact(fundamentals.floatShares) });
+    stats.push({ label: "Float", value: formatCompact(fundamentals.floatShares), ...counted(fundamentals.floatSharesAsOf) });
+  }
+  // A receipt says how many shares it holds and a home line which receipt holds it, both opening ADR vs Home.
+  if (depositaryPair) {
+    const { pair, receiptSide } = depositaryPair;
+    const count = ratioCount(pair.ratio);
+    stats.push(receiptSide
+      ? { label: "ADR Ratio", value: `1:${count}`, detail: [adrRatioText(pair.ratio)!, `${count} sh per ADR`], link: ADR_PAIR }
+      : { label: "ADR", value: pair.receipt, detail: [`1 ADR = ${count} of these share${pair.ratio === 1 ? "" : "s"}`, `1:${count}`], link: ADR_PAIR });
   }
   const trailingPE = liveTrailingPE(quote, fundamentals);
   if (trailingPE != null) {
@@ -183,7 +232,7 @@ export function buildOverviewStats({
     stats.push({ label: "Fwd P/E", value: formatPriceEarnings(forwardPE) });
   }
   if (fundamentals?.eps != null) {
-    stats.push({ label: "EPS", value: formatReportedMoney(fundamentals.eps, fundamentalsEpsCurrency({ fundamentals, financialCurrency }), true) });
+    stats.push({ label: "EPS", value: formatReportedMoney(fundamentals.eps, fundamentalsEpsCurrency({ fundamentals, financialCurrency, quote }), true) });
   }
   if (fundamentals?.pegRatio != null) {
     stats.push({ label: "PEG", value: formatPriceEarnings(fundamentals.pegRatio, 2) });
@@ -239,6 +288,8 @@ export function buildOverviewStats({
   if (fundamentals?.freeCashFlow != null) {
     stats.push({ label: "FCF", value: money(fundamentals.freeCashFlow) });
   }
+  const runwayField = runwayStat(runway);
+  if (runwayField) stats.push(runwayField);
   if (fundamentals?.operatingMargin != null) {
     stats.push({ label: "Op Margin", value: formatLevelPercent(fundamentals.operatingMargin) });
   }
@@ -255,7 +306,10 @@ export function buildOverviewStats({
   // At the regular session price, as the market cap above it is, with the check moved beside it.
   const priced = atRegularSessionPrice({ quote, fundamentals }).fundamentals;
   const enterpriseValue = reportedEnterpriseValue(priced);
-  if (fundamentals?.unavailableFields?.includes("enterpriseValue")) {
+  // At or below zero, N/M as a P/E over a loss reads, with why in the space a stat has; valuation gives the full reason.
+  if (enterpriseValueNotMeaningful(priced)) {
+    stats.push({ label: "EV", value: formatPriceEarnings(NOT_MEANINGFUL), detail: ["cash > cap + debt", "cash > cap"] });
+  } else if (fundamentals?.unavailableFields?.includes("enterpriseValue")) {
     stats.push({ label: "EV", value: "—" });
   } else if (enterpriseValue != null) {
     // More than 5% from market cap + debt - cash: the provider's, with the computed figure where it fits.
@@ -264,7 +318,8 @@ export function buildOverviewStats({
     stats.push({
       label: "EV",
       value: formatCompactCurrency(enterpriseValue, quoteCurrency),
-      detail: computed ? [`provider vs ${computed}`, "provider"] : undefined,
+      // An insurer's: its investment book is not netted as cash.
+      detail: computed ? [`provider vs ${computed}`, "provider"] : check?.investmentsKept ? ["investments in", "inv. in"] : undefined,
     });
   }
   if (finite(fundamentals?.beta)) {

package/src/plugins/builtin/ticker-detail/overview/pane.tsx

@@ -1,4 +1,6 @@
 import { PerpEquityRow } from "../../perps/equity-row";
+import { PerpMarketsSection } from "../../perps/markets-section";
+import { perpetualListing } from "../../../../tickers/perpetual-listing";
 import { useCallback } from "react";
 import type { TickerResearchTabProps } from "../../../../types/plugin";
 import {
@@ -46,7 +48,13 @@ export function OverviewResearchTab({ width, height, focused }: TickerResearchTa
       onOpenChart={paneId && !lockedToOneTab ? openChart : undefined}
       onOpenFunction={openFunction}
       dividend={dividend}
-      perpetuals={ticker ? <PerpEquityRow symbol={ticker.metadata.ticker} exchange={ticker.metadata.exchange} instrumentType={financials?.quote?.instrumentType ?? ticker.metadata.assetCategory} /> : undefined}
+      perpetuals={ticker ? (contentWidth: number) => {
+        const instrumentType = financials?.quote?.instrumentType ?? ticker.metadata.assetCategory;
+        // A contract's own DES shows its funding and premium; a stock or a coin lists its markets across venues.
+        return perpetualListing(ticker.metadata.ticker, ticker.metadata.exchange)
+          ? <PerpEquityRow symbol={ticker.metadata.ticker} exchange={ticker.metadata.exchange} instrumentType={instrumentType} />
+          : <PerpMarketsSection symbol={ticker.metadata.ticker} exchange={ticker.metadata.exchange} instrumentType={instrumentType} quote={financials?.quote} width={contentWidth} />;
+      } : undefined}
     />
   );
 }

package/src/plugins/builtin/ticker-detail/overview-tab.tsx

@@ -6,13 +6,13 @@ import { mayBeUsEquityOrFundTicker } from "../../../utils/sec";
 import { ResearchTradeActions, researchTradeMatches, useResearchTrading } from "../shared/research-trading";
 import { instrumentFromTicker } from "../../../market-data/request-types";
 import { useMemo, type ReactNode } from "react";
-import { EmptyState, PaneLinkMenu, SectionHeading, usePaneNoticeFooter } from "../../../components";
+import { EmptyState, ExternalLinkText, PaneLinkMenu, SectionHeading, usePaneNoticeFooter } from "../../../components";
 import { CompositeChart, pricePointsToResolvedSeries } from "../../../components/chart/composite";
 import { CompanyLogo, resolveCompanyLogoSrc } from "../../../components/company-logo";
 import { bodyLineInk, FigureText, figureLineInk, useFigureCells } from "../../../components/ui/figure";
 import { PriceReturnStrip } from "../../../components/price-performance";
 import { t } from "../../../i18n";
-import { useFxRatesMap } from "../../../market-data/hooks";
+import { useFxRateObservations } from "../../../market-data/hooks";
 import { formatMarketPriceWithCurrency, formatSignedMarketPrice, liveQuoteFormatOptions } from "../../../market-data/market/format";
 import { priceSeriesUnit } from "../../../market-data/market/index-level";
 import {
@@ -24,9 +24,9 @@ import {
   quoteSessionLabel,
 } from "../../../market-data/market/status";
 import { appendQuoteToPriceReturnHistory, buildPriceReturnFields } from "../../../market-data/performance";
-import { changeBasisLabel, changeBasisNote, quoteChangeBasis } from "../../../market-data/market/change-basis";
+import { changeBasisLabel, changeBasisNote, quoteChangeBasis, quoteSettleText } from "../../../market-data/market/change-basis";
 import {
-  fitFuturesContractLines, futuresContractLines, futuresSettleText, isFuturesInstrument, minorUnitPricePer,
+  fitFuturesContractLines, futuresContractLines, isFuturesInstrument, futuresPricePer, usdPerMmbtu, usdPerMmbtuText,
   type FuturesContractLine,
 } from "../../../market-data/futures-contract";
 import { useViewport } from "../../../react/input";
@@ -38,10 +38,11 @@ import type { TickerRecord } from "../../../types/ticker";
 import { Box, ScrollBox, Text, useUiCapabilities } from "../../../ui";
 import { publicTickerKey, resolveExchangeTimeZone } from "../../../utils/exchanges";
 import { convertCurrency, displayWidth, formatPercentRaw, truncateToDisplayWidth } from "../../../utils/format";
-import { enterpriseValueReconciliationNote } from "../../../utils/fundamentals";
+import { appTtmRate, enterpriseValueReconciliationNote, ttmAtAppRate, ttmConversionNote } from "../../../utils/fundamentals";
 import { atRegularSessionPrice } from "../../../market-data/quotes/regular-session-valuation";
 import { zonedDateKey } from "../../../utils/zoned-date-time";
 import { sharesOutstandingInReceipts } from "../../../utils/depositary-receipt";
+import { isReceiptSide, listingDepositaryPair } from "../../../market-data/depositary-pair";
 import {
   CompactRangeBar,
   FundamentalsGrid,
@@ -61,6 +62,9 @@ import { describeFundamentalMarketCap } from "../../../utils/market-capitalizati
 import { liveFiftyTwoWeekRange, liveMarketCapitalization } from "../../../market-data/quotes/live-valuation";
 import { instrumentTypeLabel } from "../../../tickers/instrument-kind";
 import { ClippedText } from "../../../components/ui/display";
+import { safeExternalUrl } from "../../../utils/external-url";
+import { cashRunway, SHORT_RUNWAY_HISTORY } from "../../../utils/cash-runway";
+import { useOfferingNote } from "./financials/offerings";
 
 /** Cells between the Day and 52W ranges when they share a row. */
 const RANGE_PAIR_GAP = 4;
@@ -83,7 +87,8 @@ function contractField(line: FuturesContractLine): StatField {
 }
 
 interface OverviewTabProps {
-  perpetuals?: ReactNode;
+  /** The contracts on the security, given the width of the overview's content. */
+  perpetuals?: ReactNode | ((contentWidth: number) => ReactNode);
   width?: number;
   /** The tab's height; a short one keeps fewer futures contract terms. */
   height?: number;
@@ -131,19 +136,34 @@ function ResolvedOverviewTab({ width, height, focused = false, ticker, financial
   const futuresSymbol = quote?.symbol || ticker.metadata.ticker;
   const contractTerms = useFuturesContractTerms(isFuturesInstrument(futuresSymbol, instrumentType) ? futuresSymbol : null);
   const optionRow = useOptionContractRow(ticker);
-  const exchangeRates = useFxRatesMap([
+  const fxObservations = useFxRateObservations([
     baseCurrency,
     ticker.metadata.currency,
     quote?.currency,
     capitalization?.currency,
+    // A converted TTM block is shown at the pane's own rate, the one `fx` reports.
+    fundamentals?.ttmConversion?.from,
+    fundamentals?.financialCurrency,
     ...ticker.metadata.positions.map((position) => position.currency),
   ]);
+  const exchangeRates = useMemo(
+    () => new Map([...fxObservations].map(([currency, observation]) => [currency, observation.rate])),
+    [fxObservations],
+  );
+  const ttmRate = appTtmRate(fundamentals, (currency) => fxObservations.get(currency));
+  const shownFundamentals = useMemo(
+    () => (fundamentals ? ttmAtAppRate(fundamentals, ttmRate) : fundamentals),
+    [fundamentals, ttmRate?.rate, ttmRate?.asOf],
+  );
   const quoteCurrency = quote?.currency || ticker.metadata.currency || baseCurrency;
   const toBase = (value: number, fromCurrency: string) =>
     convertCurrency(value, fromCurrency, baseCurrency, exchangeRates);
   const sector = ticker.metadata.sector ?? profile?.sector;
   const industry = ticker.metadata.industry ?? profile?.industry;
   const description = profile?.description?.trim();
+  // A description quoted from the fund's issuer or its exchange names where it is from.
+  const descriptionSource = description && profile?.descriptionSource?.publisher
+    && safeExternalUrl(profile.descriptionSource.url) ? profile.descriptionSource : null;
   const listingVenue = exchangeShortName(
     quote?.tradingExchangeName ?? quote?.listingExchangeName ?? quote?.exchangeName,
     quote?.listingExchangeFullName ?? quote?.fullExchangeName,
@@ -185,12 +205,21 @@ function ResolvedOverviewTab({ width, height, focused = false, ticker, financial
   // A provider EV off market cap + debt - cash, or why a withdrawn one is unavailable, at the
   // regular session price the EV beside it is shown at.
   const enterpriseValueNote = enterpriseValueReconciliationNote(atRegularSessionPrice({ quote, fundamentals }).fundamentals);
+  // Months of cash, for a company that burns it, and an offering since its balance sheet that the cash is not in yet.
+  const runway = useMemo(() => financials ? cashRunway(financials) : null, [financials]);
+  const runwayOfferingNote = useOfferingNote(ticker.metadata.ticker, ticker.metadata.exchange, runway?.periodEnd ?? null, runway?.trailing?.kind === "months");
+  // A converted TTM block names what it was converted from, at the pane's rate and its time.
+  const ttmNote = [shownFundamentals?.revenue, shownFundamentals?.netIncome, shownFundamentals?.freeCashFlow].some((value) => value != null)
+    ? ttmConversionNote(shownFundamentals) : undefined;
   usePaneNoticeFooter({
     registrationId: "overview-notices",
     notices: [
       ...(!quote && financials ? [t("Current quote unavailable. Other research data is still available.")] : []),
+      ...(runwayOfferingNote ? [runwayOfferingNote] : []),
+      ...(runway?.trailingGap === "short-history" ? [`Runway TTM: ${SHORT_RUNWAY_HISTORY}.`] : []),
       ...(priceSeries.warning ? [priceSeries.warning] : []),
       ...(enterpriseValueNote ? [enterpriseValueNote] : []),
+      ...(ttmNote ? [ttmNote] : []),
       ...(capitalization?.provenance.kind === "fundamentals" && !capitalization.live
         ? [`Market cap: ${describeFundamentalMarketCap(capitalization.provenance)}.`] : []),
     ],
@@ -209,7 +238,7 @@ function ResolvedOverviewTab({ width, height, focused = false, ticker, financial
   const extendedQuote = getExtendedSessionDisplay(quote);
   // A price in cents says what it is per (314.95¢/lb), and the move what it is measured from (vs Fri 16 Oct close).
   const quotePriceText = sessionQuote
-    ? `${formatMarketPriceWithCurrency(sessionQuote.price, quote?.currency, moneyOptions)}${minorUnitPricePer(contractTerms, quote?.currency)}` : "";
+    ? `${formatMarketPriceWithCurrency(sessionQuote.price, quote?.currency, moneyOptions)}${futuresPricePer(contractTerms, quote?.currency)}` : "";
   // Nor a move: the close it ended on is where it stays.
   const quoteChangeText = sessionQuote && !delisted ? formatSignedMarketPrice(sessionQuote.change, moneyOptions) : "";
   const quotePercentText = sessionQuote && !delisted ? `(${formatPercentRaw(sessionQuote.changePercent)})` : "";
@@ -240,9 +269,18 @@ function ResolvedOverviewTab({ width, height, focused = false, ticker, financial
   // The exchange settlement, dated by its session: a futures price is its latest trade.
   const settleLabel = t("Settle");
   const settleText = contractTerms
-    ? truncateToDisplayWidth(futuresSettleText(contractTerms, quote),
+    ? truncateToDisplayWidth(quoteSettleText(quote, contractTerms),
       Math.max(1, quoteTextWidth - displayWidth(settleLabel) - 1))
     : "";
+  // European gas beside Henry Hub: "≈ $30.832/MMBtu at EUR/USD 1.1650", at the app's rate, a conversion that says so.
+  const inUsdLabel = t("In USD");
+  const gasCurrency = quote?.currency?.trim().toUpperCase() ?? "";
+  const gasUsdPerUnit = gasCurrency ? convertCurrency(1, gasCurrency, "USD", exchangeRates) : Number.NaN;
+  const gasInUsd = sessionQuote && gasCurrency ? usdPerMmbtu(sessionQuote.price, contractTerms, gasCurrency, gasUsdPerUnit) : null;
+  const inUsdText = gasInUsd != null
+    ? truncateToDisplayWidth(usdPerMmbtuText({ value: gasInUsd, currency: gasCurrency, usdPerUnit: gasUsdPerUnit }),
+      Math.max(1, quoteTextWidth - displayWidth(inUsdLabel) - 1))
+    : "";
   const quoteChangeCells = delisted ? 0 : figureCells(quoteChangeText, "sub") + 1 + figureCells(quotePercentText, "sub");
   const stackQuoteChange = quoteChangeCells > quoteTextWidth;
   const stackQuoteSummary = figureCells(quotePriceText) + 2 + quoteChangeCells > quoteTextWidth;
@@ -285,9 +323,10 @@ function ResolvedOverviewTab({ width, height, focused = false, ticker, financial
   const optionFields = optionTarget?.isOptionTicker ? optionContractFields(optionTarget, optionRow, quoteCurrency) : [];
   const contractFields = futuresFields.length > 0 ? futuresFields : optionFields;
   const contractGridColumns = futuresFields.length > 0 ? contractColumns : textGridColumns(optionFields, contentWidth);
+  const depositaryPair = listingDepositaryPair(financials);
   const stats = buildOverviewStats({
     quote,
-    fundamentals,
+    fundamentals: shownFundamentals,
     financialCurrency: financials?.financialCurrency,
     quoteCurrency,
     baseCurrency,
@@ -295,10 +334,12 @@ function ResolvedOverviewTab({ width, height, focused = false, ticker, financial
     marketCapExchangeRates: exchangeRates,
     nextEarnings: financials?.nextEarnings,
     depositaryReceipt: sharesOutstandingInReceipts(quote, fundamentals, description),
+    depositaryPair: depositaryPair ? { pair: depositaryPair, receiptSide: isReceiptSide(financials) } : null,
     // Report and ex-dividend dates are the listing's calendar days.
     today: zonedDateKey(Date.now(), chartTimeZone ?? "America/New_York"),
     dividend,
     bond: fundFacts?.bond ?? null,
+    runway,
   });
   const profileFields = buildProfileFields({
     // The contract section names an option's type.
@@ -308,8 +349,10 @@ function ResolvedOverviewTab({ width, height, focused = false, ticker, financial
     profile,
     isin: ticker.metadata.isin,
   });
+  // Bars and the quote are dated on the listing's clock.
   const performanceFields = buildPriceReturnFields(
     appendQuoteToPriceReturnHistory(financials?.priceHistory ?? [], historyQuote),
+    ticker.metadata.exchange || quote?.listingExchangeName || quote?.exchangeName || undefined,
   );
   const hasPerformance = performanceFields.some((field) => field.value != null || field.unavailableReason);
   const positionRows = buildPositionRows({
@@ -414,6 +457,12 @@ function ResolvedOverviewTab({ width, height, focused = false, ticker, financial
                 <Text fg={colors.text}>{settleText}</Text>
               </Box>
             )}
+            {inUsdText && (
+              <Box flexDirection="row" gap={1} minWidth={0} overflow="hidden">
+                <Text flexShrink={0} fg={colors.textDim}>{inUsdLabel}</Text>
+                <Text fg={colors.textDim}>{inUsdText}</Text>
+              </Box>
+            )}
             {metadataParts.length > 0 && (
               <Text fg={colors.textDim}>{metadataParts.join(" | ")}</Text>
             )}
@@ -431,7 +480,7 @@ function ResolvedOverviewTab({ width, height, focused = false, ticker, financial
           )}
         </Box>
 
-        {perpetuals && <PaneLinkMenu>{perpetuals}</PaneLinkMenu>}
+        {perpetuals && <PaneLinkMenu>{typeof perpetuals === "function" ? perpetuals(contentWidth) : perpetuals}</PaneLinkMenu>}
 
         {(hasDayRange || yearRange) && quote && (
           <Box flexDirection={rangeInline ? "row" : "column"} gap={rangeInline ? RANGE_PAIR_GAP : 0} width={nativePaneChrome ? undefined : contentWidth}>
@@ -553,6 +602,14 @@ function ResolvedOverviewTab({ width, height, focused = false, ticker, financial
             <SectionHeading title={t("Description")} />
             {/* The desktop wraps it at the pane's own width, so it follows a resize to the pixel. */}
             <Text fg={colors.text} width={nativePaneChrome ? undefined : contentWidth} wrapMode="word" wrapText>{description}</Text>
+            {descriptionSource && (
+              <PaneLinkMenu>
+                <Box flexDirection="row" width={nativePaneChrome ? undefined : contentWidth}>
+                  <Text flexShrink={0} fg={colors.textDim}>{`${t("Source")}: `}</Text>
+                  <ExternalLinkText url={descriptionSource.url} label={descriptionSource.publisher} />
+                </Box>
+              </PaneLinkMenu>
+            )}
           </Box>
         )}
       </Box>

package/src/plugins/builtin/ticker-detail/pane.tsx

@@ -227,6 +227,17 @@ export function TickerResearchPane({ focused, width, height }: PaneProps) {
   );
 
   const visibleTabIdKey = allTabs.map((tab) => tab.id).join("\0");
+  // A function that opens DES on one of its tabs (ADR) stamps the tab on the instance (command-tab.ts):
+  // it is shown once it is there to show, and once per stamp, so a later choice in the pane stands.
+  const requestedTabId = paneInstance?.params?.tab ?? null;
+  const requestedTabAt = paneInstance?.params?.tabAt ?? "";
+  const [consumedTabAt, setConsumedTabAt] = usePaneStateValue<string>("commandTabAt", "");
+  useEffect(() => {
+    if (!requestedTabId || !requestedTabAt || requestedTabAt === consumedTabAt) return;
+    if (!allTabs.some((tab) => tab.id === requestedTabId)) return;
+    setConsumedTabAt(requestedTabAt);
+    setActiveTabId(requestedTabId);
+  }, [consumedTabAt, requestedTabAt, requestedTabId, setActiveTabId, setConsumedTabAt, visibleTabIdKey]);
   // A quote tick re-renders this pane; the tab strip only has to re-render
   // when a tab appears, disappears, or is renamed.
   const tabItemsKey = allTabs.map((tab) => `${tab.id}:${tab.name}`).join("\0");

package/src/plugins/builtin/ticker-detail/quote-footer.ts

@@ -1,6 +1,6 @@
 import type { PaneFooterSegment } from "../../../components/layout/pane/footer";
 import { t } from "../../../i18n";
-import { isQuoteStaleForCurrentSession } from "../../../market-data/quotes/freshness";
+import { isQuoteStaleForCurrentSession, noPrintsTodaySince } from "../../../market-data/quotes/freshness";
 import { formatQuoteNavAsOf } from "../../../market-data/quotes/time";
 import { delistingLabel } from "../../../market-data/quotes/delisting";
 import type { Quote } from "../../../types/financials";
@@ -17,12 +17,17 @@ export function tickerQuoteFooterInfo(
     // A listing that no longer trades: its quote is its last trade, said once with its date.
     info.push({ id: "ticker-research-stale", parts: [{ text: delistingLabel(quote.delisting), tone: "warning" }] });
   } else if (isQuoteStaleForCurrentSession(quote)) {
-    const status: PaneFooterSegment = { id: "ticker-research-stale", parts: [{ text: t("Stale quote"), tone: "warning" }] };
+    // In a session the calendar has open with nothing printed in it, the warning says since when.
+    const quiet = noPrintsTodaySince(quote) != null;
+    const status: PaneFooterSegment = {
+      id: "ticker-research-stale",
+      parts: [{ text: quiet ? t("No prints today") : t("Stale quote"), tone: "warning" }],
+    };
     const timestamp = new Date(quote!.lastUpdated);
     if (navAsOf) {
       status.parts.push({ text: navAsOf, tone: "muted" });
     } else if (width != null && quote!.lastUpdated > 0 && Number.isFinite(timestamp.getTime())) {
-      const sourceTime = `${timestamp.toISOString().slice(0, 16).replace("T", " ")}Z`;
+      const sourceTime = `${quiet ? "since " : ""}${timestamp.toISOString().slice(0, 16).replace("T", " ")}Z`;
       const accessWidth = access ? displayWidth(access.parts.map((part) => part.text).join(" ")) + 1 : 0;
       // Keep the warning and the existing entitlement action intact in narrow panes.
       if (displayWidth(status.parts[0]!.text) + 1 + sourceTime.length + accessWidth <= width - 2) {

package/src/plugins/builtin/ticker-detail/research-tabs.ts

@@ -2,6 +2,9 @@ import type { TickerFinancials } from "../../../types/financials";
 import type { TickerResearchTabDef } from "../../../types/plugin";
 import { FinancialsResearchTab } from "./financials/pane";
 import { OverviewResearchTab } from "./overview/pane";
+import { AdrPairResearchTab } from "./adr-pair/tab";
+import { ADR_PAIR_TAB_ID } from "./adr-pair/model";
+import { listingDepositaryPair } from "../../../market-data/depositary-pair";
 
 function hasStatementFinancials(financials: TickerFinancials | null | undefined): boolean {
   return (financials?.annualStatements.length ?? 0) > 0 || (financials?.quarterlyStatements.length ?? 0) > 0;
@@ -29,4 +32,12 @@ export const TICKER_RESEARCH_BUILTIN_TABS: TickerResearchTabDef[] = [
     component: FinancialsResearchTab,
     isVisible: ({ financials }) => hasStatementFinancials(financials),
   },
+  {
+    // Only a listing Gloom Cloud pairs with a receipt has it, so every other DES is unchanged.
+    id: ADR_PAIR_TAB_ID,
+    name: "ADR vs Home",
+    order: 21,
+    component: AdrPairResearchTab,
+    isVisible: ({ financials }) => !!listingDepositaryPair(financials),
+  },
 ];

package/src/plugins/builtin/vol-surface/client.ts

@@ -12,7 +12,7 @@ import {
 } from "./model";
 import { abortable, abortError } from "../../../utils/async-deadline";
 import { errorMessage } from "../../../utils/errors";
-import { findListedExpiry, unlistedExpiryText } from "../../../utils/option-expiry";
+import { expiredExpiryText, findListedExpiry, isLiveOptionExpiry, liveOptionExpiries, unlistedExpiryText } from "../../../utils/option-expiry";
 import { optionModelSpot } from "../options/model-spot";
 
 const DEFAULT_SURFACE_EXPIRY_LIMIT = 18;
@@ -217,8 +217,7 @@ export async function loadVolatilitySurface(
     catalogueError = initial.error?.message ?? null;
     catalogueReason = initial.error?.reasonCode;
     if (!chain) catalogueError ??= "Options expiry catalogue unavailable";
-    catalogue = [...new Set((chain?.expirationDates ?? []).filter((expiration) =>
-      Number.isFinite(expiration) && expiration > 0 && daysToExpiryFrom(expiration, now) > 0))].sort((a, b) => a - b);
+    catalogue = liveOptionExpiries(chain?.expirationDates ?? [], now, request.instrument.exchange);
     // A typed date is that day's UTC midnight; the catalogue's stamp for the
     // same expiry is matched by calendar date, as OMON matches it.
     const required = [...new Set([...(request.requiredExpiries ?? []), ...(request.expiries ?? [])]
@@ -227,8 +226,10 @@ export async function loadVolatilitySurface(
     const listed = new Set(catalogue);
     selected = [...new Set([...request.expiries ? [] : selectSurfaceExpiries(catalogue, limit, now),
       ...required.filter((expiration) => listed.has(expiration))])].sort((a, b) => a - b);
+    // An expiry whose last session has closed is named as expired, with the nearest live one to pick.
     requiredFailures = required.filter((expiration) => !listed.has(expiration)).map((expiration) => ({
-      expiration, message: unlistedExpiryText(expiration, catalogue),
+      expiration, message: isLiveOptionExpiry(expiration, now, request.instrument.exchange) ? unlistedExpiryText(expiration, catalogue)
+        : expiredExpiryText(expiration, catalogue, now, { exchange: request.instrument.exchange }),
     }));
     if (chain && catalogue.length === 0) catalogueError ??= "No unexpired option expiries available";
   } catch (error) {

package/src/plugins/builtin/vol-surface/headless.ts

@@ -1,7 +1,8 @@
 import type { Quote } from "../../../types/financials";
 import type { HeadlessBundleSection, HeadlessPaneDefinition, HeadlessPaneFreshness, HeadlessPaneLoadArgs, HeadlessPaneRow } from "../../../types/plugin";
 import {
-  expirationOptionSeconds, findListedExpiry, OPTION_EXPIRATION_FORMAT, OPTION_EXPIRATION_PLACEHOLDER, readOptionExpiration, unlistedExpiryText,
+  expirationOptionSeconds, expiredExpiryText, findListedExpiry, isLiveOptionExpiry, OPTION_EXPIRATION_FORMAT, OPTION_EXPIRATION_PLACEHOLDER,
+  readOptionExpiration, unlistedExpiryText,
 } from "../../../utils/option-expiry";
 import { DATE_OPTION_EXAMPLES } from "../../../utils/calendar-date";
 import { IMPLIED_VOL_WORDS, skewHeader } from "../iv-history/format";
@@ -181,10 +182,18 @@ export const volSurfaceHeadless: HeadlessPaneDefinition<"bundle"> = {
         limit: Number(args.options.limit), signal: ctx.signal,
         requiredExpiries: requested == null ? [] : [requested],
       }, createSurfaceDependencies(ctx.marketData, ctx.apiClient)));
+      // An expired --expiration names the flag that asks for the nearest live one.
+      const now = Date.now();
+      if (requested != null && !isLiveOptionExpiry(requested, now, instrument.exchange)) {
+        const message = expiredExpiryText(requested, snapshot.catalogue, now, { exchange: instrument.exchange, flag: "expiration" });
+        snapshot = { ...snapshot, failures: snapshot.failures.map((failure) => failure.expiration === requested ? { ...failure, message } : failure) };
+      }
     }
     const available = snapshot.expiries.some((expiry) => expiry.fit);
-    const loadErrors = snapshot.failures.map((failure) => failure.expiration == null ? failure.message
-      : `${expiryLabel(failure.expiration)}: ${failure.message}`);
+    // An expiry that failed as the whole surface did (no connection) is not listed again under its own date.
+    const surfaceWide = new Set(snapshot.failures.filter((failure) => failure.expiration == null).map((failure) => failure.message));
+    const loadErrors = snapshot.failures.filter((failure) => failure.expiration == null || !surfaceWide.has(failure.message))
+      .map((failure) => failure.expiration == null ? failure.message : `${expiryLabel(failure.expiration)}: ${failure.message}`);
     // A symbol with no option chain at all says what became of it when something did (FB is a fund now,
     // Meta trades as META) in place of the chain's own error; a chain without clean quotes is the symbol's own.
     const fate = !snapshot.stored && !available && snapshot.catalogue.length === 0

package/src/plugins/builtin/vol-surface/model.ts

@@ -613,8 +613,10 @@ export function buildSurfaceGrid(snapshot: SurfaceSnapshot, options: SurfaceGrid
           : axis === "strike" ? coordinate : deltaNeutralStrike(targetForward, tenor.years, (k) => at(k)?.volatility ?? null);
         if (strike === null) return unavailable();
         if (axis === "delta" && coordinate !== 0) {
-          let low = Math.min(...available.map((expiry) => expiry.points[0]!.logMoneyness));
-          let high = Math.max(...available.map((expiry) => expiry.points.at(-1)!.logMoneyness));
+          // The quoted strikes against each expiry's forward as it is now, the one its smile is read on: a report's
+          // forward is rounded after the points were placed, and the stored log-moneyness would land past the quotes.
+          let low = Math.min(...available.map((expiry) => logForwardMoneyness(expiry.points[0]!.strike, expiry.forward!)!));
+          let high = Math.max(...available.map((expiry) => logForwardMoneyness(expiry.points.at(-1)!.strike, expiry.forward!)!));
           const delta = (k: number) => {
             const value = at(k);
             return value == null ? null : optionDelta({ spot: snapshot.spot, years: tenor.years,

package/src/plugins/builtin/volatility/model.ts

@@ -1,3 +1,4 @@
+import { PERIOD_BASE_MAX_GAP_DAYS, periodBaseDay } from "../../../market-data/market/period-return";
 import type { CloudFredObservationPayload, CloudFredSeriesInfoPayload } from "../../../api-client";
 import type { PricePoint } from "../../../types/financials";
 import { VOLATILITY_CURVE_INDICES, VOLATILITY_INDICES } from "../shared/volatility-indices";
@@ -354,21 +355,15 @@ export interface VolatilityCurveLookback {
   values: Partial<Record<string, number>>;
 }
 
-/** A week back is seven calendar days; a month back is the same day of the previous month, or its last day. */
+/** A week back is seven calendar days; a month back is the same day of the previous month, or its last day (periodBaseDay). */
 export function volatilityLookbackDate(date: string, id: VolatilityLookbackId): string {
-  if (id === "1W") return new Date(Date.parse(date) - 7 * DAY_MS).toISOString().slice(0, 10);
-  const target = new Date(`${date}T00:00:00.000Z`);
-  const day = target.getUTCDate();
-  target.setUTCDate(1);
-  target.setUTCMonth(target.getUTCMonth() - 1);
-  target.setUTCDate(Math.min(day, new Date(Date.UTC(target.getUTCFullYear(), target.getUTCMonth() + 1, 0)).getUTCDate()));
-  return target.toISOString().slice(0, 10);
+  return periodBaseDay(date, id);
 }
 
 /**
  * The curve a week and a month before its date, read from the same daily
  * histories and aligned the same way: the last date on or before the look-back
- * where the 30D and 3M both closed, else where two tenors did, within ten days.
+ * where the 30D and 3M both closed, else where two tenors did, within a market closure of it (PERIOD_BASE_MAX_GAP_DAYS).
  * A tenor without a close on that date is a gap, never a neighbouring day.
  */
 export function volatilityCurveLookbacks(data: Pick<VolatilityData, "curve" | "board" | "fred">): VolatilityCurveLookback[] {
@@ -382,7 +377,7 @@ export function volatilityCurveLookbacks(data: Pick<VolatilityData, "curve" | "b
   }));
   return (["1W", "1M"] as const).map((id) => {
     const target = volatilityLookbackDate(curve.date!, id);
-    const floor = new Date(Date.parse(target) - 10 * DAY_MS).toISOString().slice(0, 10);
+    const floor = new Date(Date.parse(target) - PERIOD_BASE_MAX_GAP_DAYS * DAY_MS).toISOString().slice(0, 10);
     const counts = new Map<string, number>();
     for (const history of histories.values()) for (const day of history.keys()) {
       if (day >= floor && day <= target) counts.set(day, (counts.get(day) ?? 0) + 1);