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>Adobe Inc. reported its third-quarter fiscal year 2026 results with total revenue of $6.76 billion, representing a 12% year-over-year growth on a constant currency basis.</li><li>The company achieved GAAP earnings per share of $4.62, up 11% year-over-year, and non-GAAP earnings per share of $6.13, a 15% increase compared to the same period last year.</li><li>Annual recurring revenue (ARR) ended at $27.5 billion, growing 11.2% year-over-year, and operating cash flow set a quarterly record at $2.52 billion.</li></ul>

Adobe Inc. reported its third-quarter fiscal year 2026 results with total revenue of $6.76 billion, representing a 12% year-over-year growth on a constant currency basis.The company achieved GAAP earnings per share of $4.62, up 11% year-over-year, and non-GAAP earnings per share of $6.13, a 15% increase compared to the same period last year.Annual recurring revenue (ARR) ended at $27.5 billion, growing 11.2% year-over-year, and operating cash flow set a quarterly record at $2.52 billion.

Adobe’s Next Big Catalyst — Firefly, Acrobat AI & 900 Million Users Converge!

<ul><li>Adobe is entering one of the most consequential leadership transitions in its history just as artificial intelligence begins rewriting the rules of creativity.</li><li>Anil Chakravarthy will become chief executive on December 1, succeeding Shantanu Narayen after nearly two decades at the helm, while Narayen moves into the executive chair role.</li><li>Chakravarthy is not inheriting an ordinary software company transition.</li></ul>

Adobe is entering one of the most consequential leadership transitions in its history just as artificial intelligence begins rewriting the rules of creativity.Anil Chakravarthy will become chief executive on December 1, succeeding Shantanu Narayen after nearly two decades at the helm, while Narayen moves into the executive chair role.Chakravarthy is not inheriting an ordinary software company transition.

Adobe’s New CEO Faces An AI Nightmare: Can He Stop ChatGPT From Changing Creativity Forever?

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>The changes to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a>, S&amp;P400 Index and S&amp;P600 Index will be announced after market close on Friday.</li>
<li>The conclusions of the market consultation to change the index weighting methodology for the Select Sector Indices to reduce concentration and avoid reverse turnover should also be announced.</li>
<li>Changes in the index weighting methodology will result in a round-trip trade of US$35bn across the Select Sector indices. The largest turnover is in the <a href="https://www.smartkarma.com/entities/consumer-staples-select-sector-spdr-fund" target="_blank" data-smartkarma-citation="entities:27536:1" rel="noopener">XLP</a> and <a href="https://www.smartkarma.com/entities/technology-select-sector-spdr" target="_blank" data-smartkarma-citation="entities:27543:1" rel="noopener">XLK</a>.</li>
</ul>


The changes to the S&amp;P 500 INDEX (SPX INDEX), S&amp;P400 Index and S&amp;P600 Index will be announced after market close on Friday.
The conclusions of the market consultation to change the index weighting methodology for the Select Sector Indices to reduce concentration and avoid reverse turnover should also be announced.
Changes in the index weighting methodology will result in a round-trip trade of US$35bn across the Select Sector indices. The largest turnover is in the XLP and XLK.


Select Sector Indices - Updated Flows as Round-Trip Trade Hits US$35bn

<ul><li>Adobe is suddenly facing a leadership question at the exact moment investors are already questioning its future in the age of artificial intelligence.</li><li>The company’s stock fell sharply after CFO Dan Durn announced his departure for Marvell Technology, adding another layer of uncertainty after Adobe had already disclosed that long-time CEO Shantanu Narayen would step down once a successor is found.</li><li>On paper, the business does not look broken.</li></ul>

Adobe is suddenly facing a leadership question at the exact moment investors are already questioning its future in the age of artificial intelligence.The company’s stock fell sharply after CFO Dan Durn announced his departure for Marvell Technology, adding another layer of uncertainty after Adobe had already disclosed that long-time CEO Shantanu Narayen would step down once a successor is found.On paper, the business does not look broken.

Adobe Just Lost Its CFO — Should Investors Be Worried?

<ul><li>Adobe Inc. reported strong financial results for the second quarter of fiscal year 2026, achieving $6.62 billion in revenue, an 11% year-over-year increase, driven primarily by subscription bookings and successful conversion to revenue.</li><li>The company’s GAAP earnings per share (EPS) rose 8% year-over-year to $4.25, and non-GAAP EPS grew 18% to $5.96, reflecting disciplined investment alongside record top-line performance.</li><li>Total annualized recurring revenue (ARR) reached $27.1 billion, up 12.5% year-over-year, including $480 million contributed by the recent acquisition of Semrush.</li></ul>

Adobe Inc. reported strong financial results for the second quarter of fiscal year 2026, achieving $6.62 billion in revenue, an 11% year-over-year increase, driven primarily by subscription bookings and successful conversion to revenue.The company’s GAAP earnings per share (EPS) rose 8% year-over-year to $4.25, and non-GAAP EPS grew 18% to $5.96, reflecting disciplined investment alongside record top-line performance.Total annualized recurring revenue (ARR) reached $27.1 billion, up 12.5% year-over-year, including $480 million contributed by the recent acquisition of Semrush.

Adobe’s Hidden Growth Engine: Firefly ARR, GenStudio And AI Agents!

United States

Adobe Systems Incorporated develops, markets, and supports computer software products and technologies.  The Company's products allow users to express and use information across all print and electronic media.  Adobe offers a line of application software products, type products, and content for creating, distributing, and managing information.

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Adobe Systems (ADBE US)

Adobe’s Next Big Catalyst — Firefly, Acrobat AI & 900 Million Users Converge!

Adobe Inc. reported its third-quarter fiscal year 2026 results with total revenue of $6.76 billion, representing a 12% year-over-year growth on a...

Baptista Research

Adobe’s New CEO Faces An AI Nightmare: Can He Stop ChatGPT From Changing Creativity Forever?

Adobe is entering one of the most consequential leadership transitions in its history just as artificial intelligence begins rewriting the rules...

Baptista Research

Select Sector Indices - Updated Flows as Round-Trip Trade Hits US$35bn

US$300bn tracks the Select Sector Indices. Implementation of proposed changes will set off a US$35bn trade. Apple could be bought by multiple...

Brian Freitas

Adobe Just Lost Its CFO — Should Investors Be Worried?

Adobe is suddenly facing a leadership question at the exact moment investors are already questioning its future in the age of artificial...

Baptista Research

Adobe’s Hidden Growth Engine: Firefly ARR, GenStudio And AI Agents!

Adobe Inc. reported strong financial results for the second quarter of fiscal year 2026, achieving $6.62 billion in revenue, an 11% year-over-year...

Baptista Research

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