Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>CMS Energy has reported its Q1 2024 results, showcasing a balanced performance driven by strategic investments, operational efficiencies, and a clear focus on growth.</li><li>The company continues to leverage its CE Way lean operating system, which has been instrumental in enhancing performance, increasing productivity, and managing costs effectively.</li><li>This, coupled with efforts to grow Michigan through economic development, positions CMS Energy as a forward-thinking utility company committed to both customer affordability and long-term sustainability.</li></ul>

CMS Energy has reported its Q1 2024 results, showcasing a balanced performance driven by strategic investments, operational efficiencies, and a clear focus on growth.The company continues to leverage its CE Way lean operating system, which has been instrumental in enhancing performance, increasing productivity, and managing costs effectively.This, coupled with efforts to grow Michigan through economic development, positions CMS Energy as a forward-thinking utility company committed to both customer affordability and long-term sustainability.

CMS Energy Corporation: Initiation Of Coverage - Enhanced Electric Distribution System Modernization & Major Growth Drivers! - Financial Forecasts

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Indexes continue to violate our key supports as the Russell 2000 (IWM) broke below $208, the S&amp;P 500 broke below 4495, and the equal-weighted Nasdaq 100 (QQEW) broke below $109.</li>
<li>This type of damage paints a bearish picture at the index level, and will take some time to repair.</li>
<li>Now that key supports have been violated, we are monitoring for oversold conditions that could mark a bottom, and it is possible that was yesterday (Jan. 24).</li>
</ul>


Indexes continue to violate our key supports as the Russell 2000 (IWM) broke below $208, the S&amp;P 500 broke below 4495, and the equal-weighted Nasdaq 100 (QQEW) broke below $109.
This type of damage paints a bearish picture at the index level, and will take some time to repair.
Now that key supports have been violated, we are monitoring for oversold conditions that could mark a bottom, and it is possible that was yesterday (Jan. 24).


U.S. Equity Strategy: Index Supports Breaking; Upgrading and Buying Utilities

US Treasury (10 Yr Generic) / Technical Analysis

Charts Highlighted: XLE, RYE, WTI Crude Oil, XLF, XLB, XLI, RCD, EEM, XLU, XLP, AWK, AEE, WMT, PEP, NUE, STLD, X, CMC, SMSMY, SCHN, RYI, TMST, MT, TX, MTL, ETR, FTS, CMS, CNP, LNT, NI, OGE, BKH, NEE, DUK, SO, and AEPCyclical value areas including Financials, Materials, Manufacturing, Transportation, and equal-weighted Discretionary display short-term improvement as interest rates show signs of a potential bottom at 1.13%. This is encouraging, however we are still neutral yet constructive overall. As we noted last week, we need to see the 10-year Treasury yield breach, and hold above, 1.45%, as well as sustained price improvement by small-caps (i.e., IWM above $234.50) before we can declare a new broad-based bull market.

Charts Highlighted: XLE, RYE, WTI Crude Oil, XLF, XLB, XLI, RCD, EEM, XLU, XLP, AWK, AEE, WMT, PEP, NUE, STLD, X, CMC, SMSMY, SCHN, RYI, TMST, MT, TX, MTL, ETR, FTS, CMS, CNP, LNT, NI, OGE, BKH, NEE, DUK, SO, and AEPCyclical value areas including Financials, Materials, Manufacturing, Transportation, and equal-weighted Discretionary display short-term improvement as interest rates show signs of a potential bottom at 1.13%. This is encouraging, however we are still neutral yet constructive overall. As we noted last week, we need to see the 10-year Treasury yield breach, and hold above, 1.45%, as well as sustained price improvement by small-caps (i.e., IWM above $234.50) before we can declare a new broad-based bull market.

10-Year Treasury Yield Below Key Resistance; Buying Utilities, Consumer Staples, and Steel Stocks

We remain cautious as there continues to be several new or persisting negative signals which tell us that upside is likely to be muted from here -- barring improvements. At the same time we are not seeing widespread breakdowns and the major averages are still consolidating within a 1-month horizontal range. As long as this consolidation continues, a neutral outlook is appropriate. In today’s report we highlight attractive Groups and stocks within health care staffing, silver, and platinum miners, and Electric and Gas utilities.

We remain cautious as there continues to be several new or persisting negative signals which tell us that upside is likely to be muted from here -- barring improvements. At the same time we are not seeing widespread breakdowns and the major averages are still consolidating within a 1-month horizontal range. As long as this consolidation continues, a neutral outlook is appropriate. In today’s report we highlight attractive Groups and stocks within health care staffing, silver, and platinum miners, and Electric and Gas utilities.

S&P 500 Consolidating Despite Negative Signals

We remain concerned about the prospect for additional weakness for the broad market due to deterioration in several metrics that we often turn to to get a pulse on the market. At the same time, several cyclical areas of the market have bounced off of logical support while RS has been unable to break out to new highs for defensive Sectors. Absent bearish price inflections in the cyclicals and new RS highs for defensive areas of the market, equities are likely to remain in a state of purgatory.  In today’s report we highlight attractive Groups and stocks within Consumer Staples, Health Care, and Utilities.

We remain concerned about the prospect for additional weakness for the broad market due to deterioration in several metrics that we often turn to to get a pulse on the market. At the same time, several cyclical areas of the market have bounced off of logical support while RS has been unable to break out to new highs for defensive Sectors. Absent bearish price inflections in the cyclicals and new RS highs for defensive areas of the market, equities are likely to remain in a state of purgatory.  In today’s report we highlight attractive Groups and stocks within Consumer Staples, Health Care, and Utilities.

U.S. Equity Strategy: Market Still Susceptible

United States

CMS Energy Corporation is an energy company operating primarily in Michigan. The Company, through its subsidiaries provides electricity and/or natural gas to its customers in Michigan. CMS Energy also invests in and operates non-utility power generation plants in the United States and abroad.

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Cms Energy Corp (CMS US)

CMS Energy Corporation: Initiation Of Coverage - Enhanced Electric Distribution System Modernization & Major Growth Drivers! - Financial Forecasts

CMS Energy has reported its Q1 2024 results, showcasing a balanced performance driven by strategic investments, operational efficiencies, and a...

Baptista Research

U.S. Equity Strategy: Index Supports Breaking; Upgrading and Buying Utilities

Indexes continue to violate our key supports on the Russell 2000 (IWM), the S&P 500, and the equal-weighted Nasdaq 100 (QQEW). Most opportunities...

Vermilion Research

10-Year Treasury Yield Below Key Resistance; Buying Utilities, Consumer Staples, and Steel Stocks

Cyclical value areas are improving, but so are defensives. In order to get more bullish, we need to see the 10-year Treasury yield break above...

Vermilion Research

S&P 500 Consolidating Despite Negative Signals

We remain cautious as there continues to be several new or persisting negative signals which tell us that upside is likely to be muted from here --...

Vermilion Research

U.S. Equity Strategy: Market Still Susceptible

We remain concerned about the prospect for additional weakness for the broad market due to deterioration in several metrics that we often turn to...

Vermilion Research

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