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>Macy's, Inc. reported a second-quarter financial performance that reflected a combination of improved sales figures, strategic advancements, and cautious outlook adjustments due to the macroeconomic environment.</li><li>The company achieved a 1.9% growth in comparable sales, marking its strongest performance in 12 quarters, driven by a 2.2% increase in its Go-Forward businesses, which include prominent brands like Bloomingdale's and Bluemercury.</li><li>These brands demonstrated notable sales momentum, with Bloomingdale's hitting a 5.7% increase in comparable sales, maintaining growth consistency, and Bluemercury achieving its 18th consecutive quarter of sales growth.</li></ul>

Macy's, Inc. reported a second-quarter financial performance that reflected a combination of improved sales figures, strategic advancements, and cautious outlook adjustments due to the macroeconomic environment.The company achieved a 1.9% growth in comparable sales, marking its strongest performance in 12 quarters, driven by a 2.2% increase in its Go-Forward businesses, which include prominent brands like Bloomingdale's and Bluemercury.These brands demonstrated notable sales momentum, with Bloomingdale's hitting a 5.7% increase in comparable sales, maintaining growth consistency, and Bluemercury achieving its 18th consecutive quarter of sales growth.

Macy’s Tariff Adjustment Challenges: How Is The Retailer Dealing With The Chaos & With Diverse Channel Strategy Complexity!

<ul><li>After years of declining sales, Macy’s is showing signs of life again—and it's no accident.</li><li>Under the leadership of CEO Tony Spring, the department store giant just delivered its strongest quarterly comparable sales performance in twelve quarters, up 1.9% for Q2 2025.</li><li>Spring’s execution of a customer-centric strategy dubbed the *Bold New Chapter* has helped lift Macy’s Inc., with gains across its core Macy’s banner (+1.2%), Bloomingdale’s (+5.7%), and Bluemercury (+1.2%).</li></ul>

After years of declining sales, Macy’s is showing signs of life again—and it's no accident.Under the leadership of CEO Tony Spring, the department store giant just delivered its strongest quarterly comparable sales performance in twelve quarters, up 1.9% for Q2 2025.Spring’s execution of a customer-centric strategy dubbed the *Bold New Chapter* has helped lift Macy’s Inc., with gains across its core Macy’s banner (+1.2%), Bloomingdale’s (+5.7%), and Bluemercury (+1.2%).

Macy’s CEO Tony Spring Sparks Comeback: First Sales Growth In 3 Years

<ul><li>Macy's, Inc. recently reported its first quarter 2025 financial results, showing performance that outpaced prior guidance across key metrics, yet still reflecting underlying challenges present in the retail environment.</li><li>The company's net sales amounted to $4.6 billion, exceeding its forecast of $4.4 billion to $4.5 billion.</li><li>The comparable sales for owned, licensed, and marketplace stores showed a decline of 1.2%, which was better than the anticipated drop of 2.5% to 4.5%.</li></ul>

Macy's, Inc. recently reported its first quarter 2025 financial results, showing performance that outpaced prior guidance across key metrics, yet still reflecting underlying challenges present in the retail environment.The company's net sales amounted to $4.6 billion, exceeding its forecast of $4.4 billion to $4.5 billion.The comparable sales for owned, licensed, and marketplace stores showed a decline of 1.2%, which was better than the anticipated drop of 2.5% to 4.5%.

How Macy’s Is Powering An Omnichannel Comeback With Bold Reinvestment Strategies!

<ul><li>Macy's Inc.'s fourth quarter 2024 results reflect a mixture of strategic advancements and continued challenges within a shifting retail landscape.</li><li>First, the positive aspect of Macy’s strategy comes through its "Bold New Chapter” framework, which focuses on enhancing customer experiences, optimizing store operations, and improving merchandising and digital capabilities.</li><li>This plan is seemingly paying off as Macy's achieved a 0.2% year-over-year increase in comparable sales, marking its best performance in 11 quarters.</li></ul>

Macy's Inc.'s fourth quarter 2024 results reflect a mixture of strategic advancements and continued challenges within a shifting retail landscape.First, the positive aspect of Macy’s strategy comes through its "Bold New Chapter” framework, which focuses on enhancing customer experiences, optimizing store operations, and improving merchandising and digital capabilities.This plan is seemingly paying off as Macy's achieved a 0.2% year-over-year increase in comparable sales, marking its best performance in 11 quarters.

Macy’s Inc. A Tale Of Reimagined Store Initiatives & Digital Integration To Push For Growth!

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

Nasdaq-100 Stock Index / Technical Analysis

<ul>
<li>We had a near-term bullish outlook on the S&amp;P 500 (SPX) and Nasdaq 100 (QQQ) from 4/22/25 to 11/19/25.</li>
<li>After being near-term neutral for a week, we flipped back to bullish in our 11/25/25 report last week, all while maintaining our intermediate-term bullish outlook (as of our 5/14/25 report).</li>
<li>We'll stay near-term bullish as long as crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ hold. We believe SPX,QQQ, and IWM are in a new "lockout rally"</li>
</ul>


We had a near-term bullish outlook on the S&amp;P 500 (SPX) and Nasdaq 100 (QQQ) from 4/22/25 to 11/19/25.
After being near-term neutral for a week, we flipped back to bullish in our 11/25/25 report last week, all while maintaining our intermediate-term bullish outlook (as of our 5/14/25 report).
We'll stay near-term bullish as long as crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ hold. We believe SPX,QQQ, and IWM are in a new "lockout rally"


New Lockout Rally Underway on SPX, QQQ, and IWM? Yes. Here Is Why. Still Bullish

United States

Macy's, Inc. operates department stores in the United States.  The Company also operates direct mail catalog and electronic commerce subsidiaries. Macy's retail stores sell a wide range of merchandise, including men's, women's and children's apparel and accessories, cosmetics, home furnishings and other consumer goods.

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Macy's Inc (M US)

Macy’s Tariff Adjustment Challenges: How Is The Retailer Dealing With The Chaos & With Diverse Channel Strategy Complexity!

Macy's, Inc. reported a second-quarter financial performance that reflected a combination of improved sales figures, strategic advancements, and...

Baptista Research

Macy’s CEO Tony Spring Sparks Comeback: First Sales Growth In 3 Years

After years of declining sales, Macy’s is showing signs of life again—and it's no accident. Under the leadership of CEO Tony Spring, the...

Baptista Research

How Macy’s Is Powering An Omnichannel Comeback With Bold Reinvestment Strategies!

Macy's, Inc. recently reported its first quarter 2025 financial results, showing performance that outpaced prior guidance across key metrics, yet...

Baptista Research

Macy’s Inc. A Tale Of Reimagined Store Initiatives & Digital Integration To Push For Growth!

Macy's Inc.'s fourth quarter 2024 results reflect a mixture of strategic advancements and continued challenges within a shifting retail...

Baptista Research

New Lockout Rally Underway on SPX, QQQ, and IWM? Yes. Here Is Why. Still Bullish

New Lockout Rally Underway on $SPX, $QQQ, and $IWM? Yes. The last time we made this same claim was in our 5/6/25 Compass report. Still Near-Term...

Vermilion Research

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