gloomberb 0.19.2 → 0.19.3

package/src/plugins/builtin/plugin-module.ts

@@ -2,6 +2,7 @@ import { Fragment, createElement, type ReactNode } from "react";
 import type {
   GloomPlugin,
   GloomPluginContext,
+  PaneDef,
 } from "../../types/plugin";
 import { pluginContextInNamespace } from "../registry/plugin-state";
 import { withPluginStateNamespace } from "../runtime/context";
@@ -63,6 +64,19 @@ function moduleEntry(input: PluginModuleInput): PluginModuleEntry {
   return "module" in input ? input : { module: input };
 }
 
+/** Keep a pane's component lazy while moving its state into another plugin. */
+function paneInNamespace(pane: PaneDef, stateId: string): PaneDef {
+  let component: PaneDef["component"] | undefined;
+  return Object.create(Object.getPrototypeOf(pane), {
+    ...Object.getOwnPropertyDescriptors(pane),
+    component: {
+      enumerable: true,
+      configurable: true,
+      get: () => component ??= withPluginStateNamespace(stateId, pane.component),
+    },
+  });
+}
+
 /**
  * The module as it runs under a namespace other than its plugin's: every
  * surface it renders and the context its setup receives are moved there,
@@ -76,7 +90,7 @@ function moduleInNamespace(module: PluginModule, stateId: string): PluginModule
   return {
     ...module,
     ...(module.panes ? {
-      panes: module.panes.map((pane) => ({ ...pane, component: withPluginStateNamespace(stateId, pane.component) })),
+      panes: module.panes.map((pane) => paneInNamespace(pane, stateId)),
     } : {}),
     ...(slots ? { slots } : {}),
     ...(module.setup ? {
@@ -84,7 +98,7 @@ function moduleInNamespace(module: PluginModule, stateId: string): PluginModule
         const scoped = pluginContextInNamespace(ctx, stateId);
         return module.setup!({
           ...scoped,
-          registerPane: (pane) => ctx.registerPane({ ...pane, component: withPluginStateNamespace(stateId, pane.component) }),
+          registerPane: (pane) => ctx.registerPane(paneInNamespace(pane, stateId)),
           registerTickerResearchTab: (tab) => ctx.registerTickerResearchTab({
             ...tab,
             component: withPluginStateNamespace(stateId, tab.component),

package/src/plugins/builtin/portfolio-list/cli/render.ts

@@ -1,5 +1,7 @@
 import { logFailure } from "../../../../utils/log-failure";
-import { createBaseConverter } from "../../../../cli/base-converter";
+import { createBaseConverter, type BaseConversion } from "../../../../cli/base-converter";
+import { quotedFxPair } from "../../../../utils/currency-pair";
+import { formatFxRate } from "../../../../cli/fx-pair";
 import { savedListingName } from "../../../../cli/listing-arg";
 import { currentListingName } from "../../../../tickers/listing-name";
 import { withMarketData } from "../../../../cli/scoped-context";
@@ -575,6 +577,38 @@ export function weightBasisLine(allocation: Pick<PortfolioAllocation, "weightBas
   return weightBasisNote(allocation, (value) => formatAllocationMoney(value, currency, { whole: true }));
 }
 
+/** `47h old`, or `3 days old` past two days: how far behind a stale rate is. */
+function rateAge(asOf: number, now: number): string {
+  const hours = Math.max(0, Math.floor((now - asOf) / 3_600_000));
+  return hours < 48 ? `${hours}h old` : `${Math.floor(hours / 24)} days old`;
+}
+
+/** A rate the report converted at, as markets quote the pair and `fx` writes it, for `--json`. */
+function fxRateRecord({ currency, baseCurrency, rate, asOf, stale }: BaseConversion) {
+  const quoted = quotedFxPair(currency, baseCurrency, rate);
+  return { currency, baseCurrency, pair: quoted.pair, rate: Number(formatFxRate(quoted.rate)), asOf: asOf == null ? null : new Date(asOf).toISOString(), stale };
+}
+
+/**
+ * `FX: USD/ZAR 16.7237, as of Fri 30 Oct 18:12 UTC`: each rate a portfolio's
+ * holdings in another currency were converted at, as markets quote the pair,
+ * dated; one past its fresh window says it is stale and how old. Null when
+ * nothing was converted.
+ */
+function fxRatesLine(
+  conversions: readonly BaseConversion[],
+  { now = Date.now(), warning = (text: string) => text }: { now?: number; warning?: (text: string) => string } = {},
+): string | null {
+  const rates = conversions.filter((conversion) => conversion.currency !== conversion.baseCurrency && Number.isFinite(conversion.rate));
+  if (rates.length === 0) return null;
+  return `FX: ${rates.map((conversion) => {
+    const quoted = quotedFxPair(conversion.currency, conversion.baseCurrency, conversion.rate);
+    const dated = conversion.asOf == null ? "" : `, as of ${formatUtcDayTime({ time: conversion.asOf, dateOnly: false }, now)} UTC`;
+    const text = `${quoted.pair} ${formatFxRate(quoted.rate)}${dated}`;
+    return conversion.stale ? warning(`${text} (stale${conversion.asOf == null ? "" : `, ${rateAge(conversion.asOf, now)}`})`) : text;
+  }).join("; ")}`;
+}
+
 /** What the TOTAL row weighs: all of a total; nothing on a gross base, where the weights net to the book's net over its gross. */
 function totalWeight(allocation: Pick<PortfolioAllocation, "weightBasis" | "total">): number | null {
   return allocation.weightBasis === "total" && allocation.total != null && allocation.total > 0 ? 100 : null;
@@ -818,7 +852,12 @@ async function showCollectionWithMarketData(
     })), dividends, toBase);
     const lotIncome = income.lots;
     const totalIncome = income.totalIncome;
-    const portfolioYield = totalIncome != null && allocation.total != null && allocation.total > 0 ? (totalIncome / allocation.total) * 100 : null;
+    // The yield is on what is invested: cash pays no dividend, so it does not dilute it. A long-only book's is
+    // its priced holdings' net value. A book that holds a short is weighed on its gross exposure, and so is its
+    // yield: the net shrinks as the hedge grows (long 100k against short 80k nets 20k), which would inflate it.
+    const hedged = allocation.weightBasis === "gross";
+    const yieldBase = hedged ? allocation.weightBase : exposure.net;
+    const portfolioYield = totalIncome != null && yieldBase != null && yieldBase > 0 ? (totalIncome / yieldBase) * 100 : null;
     const incomeUnavailable = [...income.gaps].map(([symbol, gap]) => ({ symbol, ...gap }));
     const showTargets = allocation.targetSum != null;
     // Never dropped on a narrow terminal, so --explain reads the terms off them.
@@ -956,7 +995,9 @@ async function showCollectionWithMarketData(
         totalUnrealizedPnl: totalPnlValue,
         annualIncome: totalIncome, knownAnnualIncome: income.knownIncome, portfolioYield,
         incomeComplete: income.gaps.size === 0, incomeUnavailable,
-        incomeBasis: "Trailing twelve-month dividends per share times shares held, in the portfolio's currency; a short owes the dividend, so its income is negative. Portfolio yield is the total over the total value; annualIncome is null when any holding's income is unknown, and knownAnnualIncome sums the holdings that have one.",
+        incomeBasis: "Trailing twelve-month dividends per share times shares held, in the portfolio's currency; a short owes the dividend, so its income is negative. Portfolio yield is the total over the invested value without cash: the priced holdings' net value (exposure.net), or for a book that holds a short its gross exposure (weightBase), as its weights are; annualIncome is null when any holding's income is unknown, and knownAnnualIncome sums the holdings that have one.",
+        // Each rate a holding in another currency was converted at, dated, and whether it is stale.
+        fxRates: toBase.conversions().filter((conversion) => conversion.currency !== conversion.baseCurrency).map(fxRateRecord),
         complete: unavailablePnl.size === 0 && unavailableCost.size === 0 && unavailableMarketValue.size === 0 && income.gaps.size === 0,
         unavailableSymbols: [...new Set([...unavailablePnl, ...unavailableCost, ...unavailableMarketValue])],
         unavailableCostSymbols: [...unavailableCost], brokerPnlSymbols: [...brokerPnlSymbols],
@@ -1098,7 +1139,16 @@ async function showCollectionWithMarketData(
     console.log("");
     if (basis === "regular-close") console.log(dayMoveLine(dayMove, currency, colorBySign, cliStyles.muted));
     if (valued.some((entry) => entry.position)) console.log(exposureLine(exposure, currency));
+    // The rates the holdings in another currency are valued at, dated, so a stale one is seen beside the value it moves.
+    const fxLine = fxRatesLine(toBase.conversions(), { warning: cliStyles.warning });
+    if (fxLine) console.log(fxLine);
     const notes: string[] = [];
+    // TOTAL's yield says what it divides: a hedged book's gross exposure, or, with cash in the book, the holdings alone.
+    if (showIncome && portfolioYield != null && yieldBase != null && hedged) {
+      notes.push(cliStyles.muted(`TOTAL yield is income over the gross exposure of ${wholeMoney(yieldBase)}, as the book holds a short; cash excluded.`));
+    } else if (showIncome && portfolioYield != null && yieldBase != null && cashExport?.value) {
+      notes.push(cliStyles.muted(`TOTAL yield is income over the invested ${wholeMoney(yieldBase)}, cash excluded.`));
+    }
     const weightNote = weightBasisLine(allocation, currency);
     if (weightNote) notes.push(cliStyles.muted(weightNote));
     // The notes name the rows as the table does.

package/src/plugins/builtin/portfolio-list/index.tsx

@@ -1,7 +1,6 @@
 import type { PaneTemplateContext, PaneTemplateInstanceConfig, ShortcutArgError } from "../../../types/plugin";
 import type { PluginModule } from "../plugin-module";
 import { unknownCollectionArgError } from "../../../portfolio/collection-name";
-import { PortfolioListPane } from "./pane";
 import {
   buildPortfolioPaneSettingsDef,
   getPortfolioPaneSettings,
@@ -54,7 +53,7 @@ export const portfolioListModule: PluginModule = {
       reportFreshness: { source: "Local portfolio and Gloom Cloud" },
       name: "Portfolio",
       icon: "P",
-      component: PortfolioListPane,
+      get component(): typeof import("./pane").PortfolioListPane { const { PortfolioListPane } = require("./pane"); return PortfolioListPane; },
       defaultPosition: "left",
       defaultMode: "floating",
       defaultWidth: "40%",

package/src/plugins/builtin/portfolio-list/pane/index.tsx

@@ -34,6 +34,7 @@ import { convertCurrency } from "../../../../utils/format";
 import { nextHeaderSort } from "../../../../utils/sort-values";
 import { getSharedMarketDataCoordinator } from "../../../../market-data/coordinator";
 import type { TickerRecord } from "../../../../types/ticker";
+import type { TickerFinancials } from "../../../../types/financials";
 import type { PaneProps } from "../../../../types/plugin";
 import type { InstrumentRef } from "../../../../market-data/request-types";
 import {
@@ -56,6 +57,7 @@ import {
 } from "../summary";
 import { usePortfolioAccountState } from "../summary/live-accounts";
 import { useOfflineBrokerFooter } from "../../shared/broker-reconnect";
+import { useQuoteDelayFooter } from "../../shared/cloud-upgrade";
 import {
   getCollectionEntries,
   getPortfolioPaneSettings,
@@ -598,6 +600,8 @@ export function PortfolioListPane({ focused, width, height }: PaneProps) {
     summaryAccountState,
   ], FOOTER_TOTALS_THROTTLE_MS);
   const fxWarning = !!(fxStatus.stale || fxStatus.unknownTime || fxStatus.unavailable);
+  // Signed out or free, the rows' prices are the delayed ones; a list of coins is live and says nothing.
+  const quoteDelay = useQuoteDelayFooter(rowQuotes(sortedTickers, financialsMap), "portfolio-delay");
   const summaryNotices = isPortfolioTab
     ? buildPortfolioSummaryNotices({
       totals: portfolioSummaryTotals,
@@ -675,6 +679,7 @@ export function PortfolioListPane({ focused, width, height }: PaneProps) {
       ...offlineBrokerFooter.status,
       ...(fxStatusText && !fxWarning ? [{ id: "fx", parts: [{ text: `FX ${fxStatusText}`, tone: "muted" as const }] }] : []),
       ...(showsPerpetuals && perpetuals.stale ? [{ id: "perpetuals", parts: [{ text: "perpetuals stale", tone: "warning" as const }] }] : []),
+      ...(quoteDelay ? [quoteDelay] : []),
     ],
     hints: [
       ...offlineBrokerFooter.hints,
@@ -714,6 +719,7 @@ export function PortfolioListPane({ focused, width, height }: PaneProps) {
     isPortfolioTab,
     offlineBrokerFooter,
     perpetuals.stale,
+    quoteDelay,
     removalCollection,
     removeSelectedTicker,
     selectedTicker,
@@ -840,3 +846,8 @@ export function PortfolioListPane({ focused, width, height }: PaneProps) {
     </Box>
   );
 }
+
+/** The quotes of the rows, in order, for the delayed clock, which stops at the first late one. */
+function* rowQuotes(tickers: readonly TickerRecord[], financialsMap: ReadonlyMap<string, TickerFinancials>) {
+  for (const ticker of tickers) yield financialsMap.get(ticker.metadata.ticker)?.quote;
+}

package/src/plugins/builtin/portfolio-list/quick-add/index.tsx

@@ -12,7 +12,7 @@ import { usePluginAppActions } from "../../../runtime";
 import { isDialogOpen } from "../../../../ui/dialog-stack";
 import { colors, priceColor } from "../../../../theme/colors";
 import { formatPercentRaw } from "../../../../utils/format";
-import { formatMarketPrice } from "../../../../market-data/market/format";
+import { formatMarketPrice, quoteFormatOptions } from "../../../../market-data/market/format";
 import { listingChoiceQuery, upsertTickerFromSearchResult } from "../../../../tickers/search";
 import type { TickerRecord } from "../../../../types/ticker";
 import { addTickerToPortfolio, addTickerToWatchlist } from "../../../../portfolio/mutations";
@@ -79,7 +79,7 @@ function QuickAddPreview({
   const assetCategory = validation.ticker?.metadata.assetCategory
     ?? (validation.resolved.kind === "provider" ? validation.resolved.result.type : undefined);
   const priceText = quote?.price != null
-    ? formatMarketPrice(quote.price, { assetCategory, maxWidth: 12 })
+    ? formatMarketPrice(quote.price, { ...quoteFormatOptions(quote, assetCategory), maxWidth: 12 })
     : "-";
   const changeValue = quote?.changePercent;
   const name = tickerNameFromValidation(validation);

package/src/plugins/builtin/power/index.tsx

@@ -2,7 +2,6 @@ import type { PaneTemplateInstanceConfig } from "../../../types/plugin";
 import type { PluginModule } from "../plugin-module";
 import { powerBoardCache, powerDetailCache, powerHistoryCache } from "./client";
 import { powerHeadless } from "./headless";
-import { PowerPane } from "./pane";
 import { carbonHistoryCache, carbonPriceCache, powerPriceHistoryCache, powerPricesCache } from "./prices-client";
 import { powerPricesHeadless } from "./prices-headless";
 import { CARBON_SELECTION, CARBON_SERIES, DAY_AHEAD_SERIES, isCarbonQuery, POWER_PRICE_MARKETS, powerPriceMarket } from "./prices-model";
@@ -15,7 +14,7 @@ const CACHES = [powerBoardCache, powerHistoryCache, powerDetailCache, powerPrice
 export const powerModule: PluginModule = {
   series: [...DAY_AHEAD_SERIES, ...CARBON_SERIES, ...GAS_STORAGE_SERIES],
   // POWER sets the symbol param, EPWR the prices tab.
-  panes: [{ id: "power", name: "Power & Grid", icon: "P", component: PowerPane, defaultPosition: "right", defaultMode: "floating", identitySettings: ["tab", "symbol"],
+  panes: [{ id: "power", name: "Power & Grid", icon: "P", get component(): typeof import("./pane").PowerPane { const { PowerPane } = require("./pane"); return PowerPane; }, defaultPosition: "right", defaultMode: "floating", identitySettings: ["tab", "symbol"],
     defaultFloatingSize: { width: 132, height: 34 }, tableExport: true, headless: powerHeadless }],
   paneTemplates: [{ id: "power-pane", paneId: "power", label: "Power & Grid",
     description: "Pro: interconnection queues, historical MW and outcomes, datacenter loads, utility exposure and generation capacity, with primary evidence.",

package/src/plugins/builtin/rate-path/index.tsx

@@ -1,10 +1,9 @@
 import type { PluginModule } from "../plugin-module";
 import { ratePathCache } from "./client";
 import { ratePathHeadless } from "./headless";
-import { RatePathPane } from "./pane";
 
 export const ratePathModule: PluginModule = {
-  panes: [{ id: "rate-path", name: "US Rate Path", icon: "R", component: RatePathPane,
+  panes: [{ id: "rate-path", name: "US Rate Path", icon: "R", get component(): typeof import("./pane").RatePathPane { const { RatePathPane } = require("./pane"); return RatePathPane; },
     defaultPosition: "right", defaultMode: "floating", defaultFloatingSize: { width: 86, height: 30 },
     tableExport: true, headless: ratePathHeadless }],
   paneTemplates: [{

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

@@ -55,6 +55,8 @@ export function realizedVolHeadless(initialView: "graph" | "cone"): HeadlessPane
       const lastBar = model.asOf && Number.isFinite(model.asOf.getTime()) ? model.asOf.toISOString().slice(0, 10) : null;
       return {
         freshness: { asOf: lastBar },
+        // The session still trading is left out of every estimate, and said, as BT says it.
+        ...(model.formingNote ? { warnings: [`${model.formingNote}.`] } : {}),
         sections: [
           { title: "Volatility cone", columns: [
             { key: "window", header: "Bars" },

package/src/plugins/builtin/realized-vol/index.tsx

@@ -1,12 +1,11 @@
 import type { PluginModule } from "../plugin-module";
 import { createTickerSurfacePaneTemplate } from "../shared/ticker-surface";
-import { RealizedVolPane } from "./pane";
 import { realizedVolHeadless } from "./headless";
 import { ESTIMATOR_OPTIONS, WINDOW_OPTIONS } from "./settings";
 
 export const realizedVolModule: PluginModule = {
   panes: [{
-    id: "realized-vol", name: "Realized Volatility", icon: "V", component: RealizedVolPane,
+    id: "realized-vol", name: "Realized Volatility", icon: "V", get component(): typeof import("./pane").RealizedVolPane { const { RealizedVolPane } = require("./pane"); return RealizedVolPane; },
     defaultPosition: "right", tickerFollower: true, defaultMode: "floating", defaultFloatingSize: { width: 112, height: 36 },
     tableExport: true,
     quickSettings: [{ type: "toggle", key: "showIv", icon: "zap", label: "Current ATM IV" }],

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

@@ -5,6 +5,7 @@ import {
   type RealizedVolatilityEstimator, type RollingRealizedVolatilityPoint, type VolatilityConeStatistics,
 } from "../shared/volatility";
 import type { SurfaceExpiry, SurfaceSnapshot } from "../vol-surface/model";
+import { formingBarsState, isFormingBar } from "../shared/forming-bars";
 
 export interface RealizedVolatilityModel {
   symbol: string;
@@ -30,6 +31,12 @@ export interface RealizedVolatilityModel {
    * history covers the lookback and every window.
    */
   historyNote: string | null;
+  /**
+   * The newest session left out while it is not final, as BT leaves it out:
+   * "2026-10-30 is still forming (partial) and left out: the estimates run
+   * through 2026-10-29, the last complete session". Null when every bar is final.
+   */
+  formingNote: string | null;
 }
 
 /** "the 180-bar window", "the 180- and 260-bar windows", "the 90-, 180- and 260-bar windows". */
@@ -77,8 +84,15 @@ export function projectRealizedVolatility(
     }
     dates.set(date.getTime(), { ...point, date });
   }
-  const history = [...dates.entries()].sort(([a], [b]) => a - b).map(([, point]) => point);
+  const served = [...dates.entries()].sort(([a], [b]) => a - b).map(([, point]) => point);
+  // A session still trading moves every estimate it is in until it ends: left out, as BT leaves it out, and said.
+  const forming = served.filter(isFormingBar);
+  const history = forming.length ? served.filter((point) => !isFormingBar(point)) : served;
   const asOf = history.at(-1)?.date ?? null;
+  const day = (date: Date) => date.toISOString().slice(0, 10);
+  const formingNote = forming.length === 0 ? null
+    : `${forming.map((point) => day(point.date)).join(", ")} ${formingBarsState(forming)} and left out`
+      + `${asOf ? `: the estimates run through ${day(asOf)}, the last complete session` : ""}`;
   const cutoff = asOf ? lookbackCutoff(asOf, lookbackYears) : 0;
   const cadenceIssue = realizedVolatilityCadenceIssue(history);
   if (cadenceIssue) warnings.push(cadenceIssue);
@@ -109,7 +123,7 @@ export function projectRealizedVolatility(
       : "the long windows' cone covers part of the lookback"}`;
   return { symbol: options.symbol.trim().toUpperCase(), estimator, lookbackYears, windows,
     history: visible, series: visibleSeries, cone, asOf, barsPerYear: barsPerYear(history.map((point) => point.date)),
-    warnings: [...new Set(warnings)], shortWindows, historyNote };
+    warnings: [...new Set(warnings)], shortWindows, historyNote, formingNote };
 }
 
 interface CurrentAtmIvReference {

package/src/plugins/builtin/realized-vol/pane.tsx

@@ -115,10 +115,10 @@ export function RealizedVolPane({ width, height, focused }: PaneProps) {
     symbol: history.data.symbol, estimator, windows, lookbackYears: Number(lookback) === 2 ? 2 : 1,
   }) : null, [history.data, estimator, windows, lookback]);
   const chartInput = useMemo(() => model ? { history: model.history, rolling: model.series, windows: model.windows,
-    priceUnit: priceSeriesUnit(quote?.currency ?? "", quote?.instrumentType), iv: showIv ? iv.data?.reference ?? null : null } : null,
-  [model, quote?.currency, quote?.instrumentType, showIv, iv.data]);
+    priceUnit: priceSeriesUnit(quote?.currency ?? "", quote?.instrumentType, quote?.priceBasis), iv: showIv ? iv.data?.reference ?? null : null } : null,
+  [model, quote?.currency, quote?.instrumentType, quote?.priceBasis, showIv, iv.data]);
   const notices = [identityError, history.error, history.data?.error, iv.error, ivRefresh.error, iv.data?.error,
-    ...(model?.warnings ?? []), model?.historyNote, ...(showIv ? iv.data?.warnings ?? [] : []),
+    ...(model?.warnings ?? []), model?.historyNote, model?.formingNote, ...(showIv ? iv.data?.warnings ?? [] : []),
     ...(showIv && symbol && !spotAvailable ? ["Current ATM IV unavailable: underlying quote is missing or stale"] : []),
   ].filter((value): value is string => !!value);
   usePaneNoticeFooter({ registrationId: "realized-vol-notices", notices: [...new Set(notices)], focused });

package/src/plugins/builtin/relative-rotation/index.tsx

@@ -2,7 +2,6 @@ import { isOnPortfolio } from "../../../shares/pane-image";
 import type { PluginModule } from "../plugin-module";
 import { rotationCache } from "./client";
 import { rotationHeadless } from "./headless";
-import { RelativeRotationPane } from "./pane";
 import { DEFAULT_ROTATION_BENCHMARK } from "./model";
 
 export const relativeRotationModule: PluginModule = {
@@ -11,7 +10,7 @@ export const relativeRotationModule: PluginModule = {
       id: "relative-rotation",
       name: "Relative Rotation",
       icon: "R",
-      component: RelativeRotationPane,
+      get component(): typeof import("./pane").RelativeRotationPane { const { RelativeRotationPane } = require("./pane"); return RelativeRotationPane; },
       defaultPosition: "right",
       defaultMode: "floating",
       defaultFloatingSize: { width: 100, height: 36 },

package/src/plugins/builtin/research/analyst-headless.ts

@@ -20,6 +20,7 @@ import {
   recommendationMix,
   formatRatingLabel,
   formatRatingTarget,
+  ratingReason,
   recommendationTotal,
   sortRatingRows,
   type RatingColumnId,
@@ -43,6 +44,27 @@ const RATING_COLUMNS: HeadlessPaneColumn[] = [
   { key: "prior", header: "Prior" },
 ];
 
+type RatingRow = AnalystResearchData["ratings"][number];
+
+/**
+ * The reason coverage gave, on its own line under the action with its
+ * article; exports keep the line and the article's address as columns. Only
+ * a history with a reason somewhere has them.
+ */
+const REASON_COLUMNS: HeadlessPaneColumn[] = [
+  {
+    key: "reason",
+    header: "Reason",
+    underRow: true,
+    format: (_value, row) => ratingReason(row as unknown as RatingRow)?.text ?? "",
+    textFormat: (_value, row) => {
+      const reason = ratingReason(row as unknown as RatingRow);
+      return reason ? `${reason.text} · ${reason.url}` : "";
+    },
+  },
+  { key: "reasonUrl", header: "Reason URL", underRow: true, textFormat: () => "" },
+];
+
 const SORT_COLUMNS: Record<string, RatingColumnId> = {
   date: "date",
   firm: "firm",
@@ -170,14 +192,19 @@ export function createAnalystResearchHeadless(
         direction: args.options.order === "asc" ? "asc" : "desc",
       })
         .slice(0, Number(args.options.limit))
-        .map((rating) => ({
-          ...rating,
-          target: rating.currentPriceTarget ?? rating.priorPriceTarget ?? null,
-          currency: currency ?? null,
-        }));
+        .map((rating) => {
+          const reason = ratingReason(rating);
+          return {
+            ...rating,
+            target: rating.currentPriceTarget ?? rating.priorPriceTarget ?? null,
+            currency: currency ?? null,
+            ...(reason ? { reasonUrl: reason.url } : {}),
+          };
+        });
+      const columns = ratings.some((rating) => ratingReason(rating)) ? [...RATING_COLUMNS, ...REASON_COLUMNS] : RATING_COLUMNS;
       const sections: HeadlessBundleSection[] = [
         { title: "Summary", entries: overviewEntries(data, quote) },
-        { title: "Recent analyst actions", columns: RATING_COLUMNS, rows: ratings },
+        { title: "Recent analyst actions", columns, rows: ratings },
       ];
       return {
         sections,

package/src/plugins/builtin/research/analyst-model.ts

@@ -235,7 +235,7 @@ export function ratingTargetDelta(row: AnalystResearchData["ratings"][number]):
   return row.currentPriceTarget - prior;
 }
 
-export type RatingColumnId = "date" | "firm" | "action" | "current" | "target" | "prior";
+export type RatingColumnId = "date" | "firm" | "action" | "current" | "target" | "prior" | "reason";
 export type RatingColumn = DataTableColumn & { id: RatingColumnId } & Partial<RatingTargetColumnSizing>;
 
 export interface RatingSortPreference {
@@ -255,6 +255,7 @@ const DEFAULT_RATING_SORT_DIRECTIONS: Record<RatingColumnId, SortDirection> = {
   current: "asc",
   target: "desc",
   prior: "asc",
+  reason: "asc",
 };
 
 const BASE_RATING_COLUMNS: RatingColumn[] = [
@@ -266,6 +267,36 @@ const BASE_RATING_COLUMNS: RatingColumn[] = [
   { id: "prior", label: "PRIOR", width: 13, align: "left" },
 ];
 
+/** The reason coverage gives for an action: last, taking the room the pane has left. */
+const REASON_COLUMN: RatingColumn = { id: "reason", label: "REASON", width: 28, align: "left", flexGrow: 1 };
+
+/** The line coverage of the action quotes, or null when none gives one. */
+export function ratingReason(row: AnalystRatingRecord): AnalystRatingRecord["reason"] | null {
+  const reason = row.reason;
+  return reason?.text?.trim() && reason.url?.trim() ? reason : null;
+}
+
+/**
+ * The status bar room the selected action's article takes: its `source`
+ * link, the `o` hint that opens it and their separators. The consensus
+ * context gives way to it rather than cut it.
+ */
+export function ratingReasonFooterWidth(reason: AnalystRatingRecord["reason"] | null): number {
+  if (!reason) return 0;
+  return displayWidth(`source ${ratingReasonSource(reason)}`) + displayWidth(" · ") + displayWidth("[o]pen") + 2;
+}
+
+/** Who published the reason: the publisher's name, else the article's site. */
+export function ratingReasonSource(reason: NonNullable<AnalystRatingRecord["reason"]>): string {
+  const named = reason.source?.trim();
+  if (named) return named;
+  try {
+    return new URL(reason.url).hostname.replace(/^www\./, "");
+  } catch {
+    return "source";
+  }
+}
+
 export function buildRatingColumns(
   rows: readonly AnalystRatingRecord[],
   currency: string | undefined,
@@ -288,9 +319,11 @@ export function buildRatingColumns(
     BASE_RATING_COLUMNS.find((column) => column.id === "target")?.width ?? 13,
   );
 
-  return BASE_RATING_COLUMNS.map((column) => {
+  const columns = BASE_RATING_COLUMNS.map((column) => {
     return column.id === "target" ? { ...column, ...targetSizing, width: targetWidth } : column;
   });
+  // A history with no reason anywhere keeps the table it always had.
+  return rows.some((row) => ratingReason(row)) ? [...columns, REASON_COLUMN] : columns;
 }
 
 function normalizedText(value: string | undefined): string | null {
@@ -316,6 +349,8 @@ function ratingSortValue(row: AnalystRatingRecord, columnId: RatingColumnId): st
       return ratingTargetSortValue(row);
     case "prior":
       return normalizedText(row.prior);
+    case "reason":
+      return normalizedText(ratingReason(row)?.text);
   }
 }
 

package/src/plugins/builtin/research/analyst-pane.tsx

@@ -8,7 +8,7 @@ import {
   spanAxisFormatter,
   staticSeries,
   useChartTableSelection,
-  usePaneFooter,
+  useExternalLinkFooter,
   type ChartTableSelection,
   type DataTableCell,
   type DataTableKeyEvent,
@@ -39,6 +39,9 @@ import {
   buildRatingColumns,
   firstRatingSortDirection,
   formatRatingTarget,
+  ratingReason,
+  ratingReasonFooterWidth,
+  ratingReasonSource,
   ratingSplit,
   ratingTargetDelta,
   sortRatingRows,
@@ -142,13 +145,16 @@ function AnalystHeader({ data, history, series, currency, width, height, tableRo
 /**
  * Streams the bound symbol and keeps the status bar's reference price on it.
  * Rendered beside the table so a tick redraws the footer, not the ratings.
+ * The selected action's reason, when coverage gave one, is a link there.
  */
-function AnalystFooter({ data, loading, error, width, binding }: {
+function AnalystFooter({ data, loading, error, width, binding, focused, reason }: {
   data: AnalystResearchData | null;
   loading: boolean;
   error: string | null;
   width: number;
   binding: AnalystQuoteBinding;
+  focused: boolean;
+  reason: ReturnType<typeof ratingReason>;
 }) {
   // The upside is a percentage; about one update a second is enough for it.
   const financials = useLiveTickerFinancials(binding.ticker ? binding.symbol : null, binding.ticker, {
@@ -157,9 +163,17 @@ function AnalystFooter({ data, loading, error, width, binding }: {
     weight: 40,
   });
   const reference = analystReferencePrice(data, financials?.quote);
-  usePaneFooter("analyst-research", () => ({
-    info: buildAnalystFooterInfo(data, { width, loading, error, reference }),
-  }), [data, error, loading, reference.freshness, reference.live, reference.price, width]);
+  const info = useMemo(
+    () => buildAnalystFooterInfo(data, { width: width - ratingReasonFooterWidth(reason), loading, error, reference }),
+    [data, error, loading, reason, reference.freshness, reference.live, reference.price, width],
+  );
+  useExternalLinkFooter({
+    registrationId: "analyst-research",
+    focused,
+    url: reason?.url,
+    source: reason ? ratingReasonSource(reason) : null,
+    info,
+  });
   return null;
 }
 
@@ -246,6 +260,9 @@ export function AnalystResearchView({ focused, width, height }: { focused: boole
       }
       case "prior":
         return { text: row.prior ?? "-", color: colors.textDim };
+      case "reason":
+        // Blank, not a dash: no coverage gave a reason.
+        return { text: ratingReason(row)?.text ?? "", color: colors.textDim };
     }
   }, [ratingCurrency]);
 
@@ -258,6 +275,7 @@ export function AnalystResearchView({ focused, width, height }: { focused: boole
     }));
   }, []);
 
+  const selectedRow = rows.length > 0 ? rows[selectedIdx] : undefined;
   const footer = (
     <AnalystFooter
       data={authWall ? null : data}
@@ -265,6 +283,8 @@ export function AnalystResearchView({ focused, width, height }: { focused: boole
       error={authWall ? null : error}
       width={width}
       binding={binding}
+      focused={focused}
+      reason={authWall || !selectedRow ? null : ratingReason(selectedRow)}
     />
   );
 

package/src/plugins/builtin/research/index.tsx

@@ -1,10 +1,7 @@
 import type { PluginModule } from "../plugin-module";
 import { parseTickerListInput, formatTickerListInput } from "../../../tickers/list";
 import { createTickerSurfacePaneTemplate } from "../shared/ticker-surface";
-import { AnalystResearchView } from "./analyst-pane";
 import { CorporateActionsView } from "./corporate-actions-pane";
-import { EquityDiagnosticView } from "./equity-diagnostic-pane";
-import { RelativeValuationPane } from "./relative-valuation-pane";
 import { relativeValuationHeadless } from "./relative-valuation-headless";
 import { AUTO_PEERS_SETTING, relativeValuationTitle } from "./relative-valuation-peers";
 import { buildRelativeValuationSettingsDef, MAX_RELATIVE_VALUATION_TICKERS } from "./relative-valuation-settings";
@@ -29,14 +26,14 @@ export const researchModule: PluginModule = {
       id: "analyst-research",
       name: "Analyst",
       order: 32,
-      component: AnalystResearchView,
+      get component(): typeof import("./analyst-pane").AnalystResearchView { const { AnalystResearchView } = require("./analyst-pane"); return AnalystResearchView; },
       instruments: ["equity"],
     });
     ctx.registerTickerResearchTab({
       id: "equity-diagnostic",
       name: "Diagnostic",
       order: 33,
-      component: EquityDiagnosticView,
+      get component(): typeof import("./equity-diagnostic-pane").EquityDiagnosticView { const { EquityDiagnosticView } = require("./equity-diagnostic-pane"); return EquityDiagnosticView; },
       instruments: ["equity"],
     });
     ctx.registerTickerResearchTab({
@@ -53,7 +50,7 @@ export const researchModule: PluginModule = {
       id: "analyst-research",
       name: "Analyst Research",
       icon: "A",
-      component: AnalystResearchView,
+      get component(): typeof import("./analyst-pane").AnalystResearchView { const { AnalystResearchView } = require("./analyst-pane"); return AnalystResearchView; },
       defaultPosition: "right",
       tickerFollower: true,
       instruments: ["equity"],
@@ -68,7 +65,7 @@ export const researchModule: PluginModule = {
       reportRequirements: ["Free Gloom sign-in"],
       name: "Equity Diagnostic",
       icon: "D",
-      component: EquityDiagnosticView,
+      get component(): typeof import("./equity-diagnostic-pane").EquityDiagnosticView { const { EquityDiagnosticView } = require("./equity-diagnostic-pane"); return EquityDiagnosticView; },
       defaultPosition: "right",
       tickerFollower: true,
       instruments: ["equity"],
@@ -91,7 +88,7 @@ export const researchModule: PluginModule = {
       id: "relative-valuation",
       name: "Relative Valuation",
       icon: "R",
-      component: RelativeValuationPane,
+      get component(): typeof import("./relative-valuation-pane").RelativeValuationPane { const { RelativeValuationPane } = require("./relative-valuation-pane"); return RelativeValuationPane; },
       headless: relativeValuationHeadless,
       defaultPosition: "right",
       defaultMode: "floating",