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>Old Republic International Corporation reported its third-quarter 2024 earnings, revealing mixed results influenced by a range of market factors.</li><li>The company’s consolidated pretax operating income declined to $229 million, down from $251 million in the prior year.</li><li>Similarly, the consolidated combined ratio rose to 95% from last year’s 92%, indicating a deterioration in underwriting performance.</li></ul>

Old Republic International Corporation reported its third-quarter 2024 earnings, revealing mixed results influenced by a range of market factors.The company’s consolidated pretax operating income declined to $229 million, down from $251 million in the prior year.Similarly, the consolidated combined ratio rose to 95% from last year’s 92%, indicating a deterioration in underwriting performance.

Old Republic International Corporation: Will Its Expansion of Specialty Underwriting Bring A Shift In The Competitive Dynamics? - Major Drivers

<ul><li>In the second quarter of 2024, Old Republic International Corporation showcased a mix of strong financial performance and ongoing challenges.</li><li>The company reported a consolidated pretax operating income of $254 million, an improvement from $227 million in the same period of 2023, indicating a positive trend in profitability.</li><li>The consolidated combined ratio was 93.5%, slightly higher than last year’s 92.6%, but still below 100%, which is a sign of continued underwriting profitability.</li></ul>

In the second quarter of 2024, Old Republic International Corporation showcased a mix of strong financial performance and ongoing challenges.The company reported a consolidated pretax operating income of $254 million, an improvement from $227 million in the same period of 2023, indicating a positive trend in profitability.The consolidated combined ratio was 93.5%, slightly higher than last year’s 92.6%, but still below 100%, which is a sign of continued underwriting profitability.

Old Republic International Corporation: Strategic Acquisitions

<ul><li>Old Republic International Corporation disclosed its first-quarter 2024 financial results, showcasing a mixed performance with strengths in General Insurance contrasted by challenges in the Title Insurance segment.</li><li>The company reported a consolidated pretax operating income of $231.5 million, which marks an increase from $222.9 million in the corresponding period of the previous year.</li><li>This growth was primarily driven by a robust performance in the General Insurance sector, which offset the subdued results in Title Insurance due to prevailing market conditions.</li></ul>

Old Republic International Corporation disclosed its first-quarter 2024 financial results, showcasing a mixed performance with strengths in General Insurance contrasted by challenges in the Title Insurance segment.The company reported a consolidated pretax operating income of $231.5 million, which marks an increase from $222.9 million in the corresponding period of the previous year.This growth was primarily driven by a robust performance in the General Insurance sector, which offset the subdued results in Title Insurance due to prevailing market conditions.

Old Republic International Corporation: Initiation of Coverage - Can Its Strategic Technological Investments Give It A Competitive Edge? - Major Drivers

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>We've expected to see 4300-4325 act as major support on SPX, while also expecting consolidation between 4300-4325 support and 4600 resistance until the end of September, and possibly longer.</li>
<li>Still possible this 4300-4325 support holds, but odds of a deeper pullback to SPX 4165-4200/the 200-day MA have increased following major breakouts in the U.S. dollar (DXY) and Treasury yields </li>
<li>Also adding to concerns: 1+ year uptrend violations on $IWO/$IWP, and breakdowns below 34,280 on the Dow, $180 on IWM, $472 on SOXX, $81 on ITB, and $104-$105 on XLI</li>
</ul>


We've expected to see 4300-4325 act as major support on SPX, while also expecting consolidation between 4300-4325 support and 4600 resistance until the end of September, and possibly longer.
Still possible this 4300-4325 support holds, but odds of a deeper pullback to SPX 4165-4200/the 200-day MA have increased following major breakouts in the U.S. dollar (DXY) and Treasury yields 
Also adding to concerns: 1+ year uptrend violations on $IWO/$IWP, and breakdowns below 34,280 on the Dow, $180 on IWM, $472 on SOXX, $81 on ITB, and $104-$105 on XLI


U.S. Dollar (DXY) And Treasury Yields Breaking Out; Growing Number of Index/Sector Breakdowns

US Treasury (10 Yr Generic) / Technical Analysis

<ul>
<li>We continue to expect the 4165-4200 level to cap upside on the S&amp;P 500, but cannot rule out a trip to 4300-4325 (August 2022 highs)</li>
<li>Either way, we continue to preach caution and believe that upside is limited on the market indexes.</li>
<li>Treasury yields are starting to reverse above multi-month downtrends, and we are monitoring for similar reversals on the U.S. dollar (DXY) and high yield spreads.</li>
</ul>


We continue to expect the 4165-4200 level to cap upside on the S&amp;P 500, but cannot rule out a trip to 4300-4325 (August 2022 highs)
Either way, we continue to preach caution and believe that upside is limited on the market indexes.
Treasury yields are starting to reverse above multi-month downtrends, and we are monitoring for similar reversals on the U.S. dollar (DXY) and high yield spreads.


Treasury Yields Reversing Higher; U.S. Dollar and High Yield Spreads to Follow?

United States

Old Republic International Corporation is an insurance holding company whose subsidiaries market, underwrite, and provide risk management services.  The Company provides services for a variety of coverages in the property and liability, mortgage guaranty, title, and life and health insurance fields.

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Old Republic Intl (ORI US)

Old Republic International Corporation: Will Its Expansion of Specialty Underwriting Bring A Shift In The Competitive Dynamics? - Major Drivers

Old Republic International Corporation reported its third-quarter 2024 earnings, revealing mixed results influenced by a range of market...

Baptista Research

Old Republic International Corporation: Strategic Acquisitions

In the second quarter of 2024, Old Republic International Corporation showcased a mix of strong financial performance and ongoing challenges. The...

Baptista Research

Old Republic International Corporation: Initiation of Coverage - Can Its Strategic Technological Investments Give It A Competitive Edge? - Major Drivers

Old Republic International Corporation disclosed its first-quarter 2024 financial results, showcasing a mixed performance with strengths in...

Baptista Research

U.S. Dollar (DXY) And Treasury Yields Breaking Out; Growing Number of Index/Sector Breakdowns

Odds of a deeper pullback to $SPX 4165-4200/the 200-day MA have increased following major breakouts in the U.S. dollar $DXY and Treasury yields...

Vermilion Research

Treasury Yields Reversing Higher; U.S. Dollar and High Yield Spreads to Follow?

We continue to expect 4165-4200 to cap upside on the S&P 500, but a trip to 4300-4325 is possible. We continue to preach caution. Treasury yields...

Vermilion Research

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