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

We remain extremely cautious and expect consolidation, volatility, and lower prices to continue as the market searches for a bottom.  In today's report we recap our U.S. equity investment thesis and highlight attractive Groups within Services and Utilities: SV-16 Waste Services, Small-Cap, and UT-06 Electric, Midwest.

We remain extremely cautious and expect consolidation, volatility, and lower prices to continue as the market searches for a bottom.  In today's report we recap our U.S. equity investment thesis and highlight attractive Groups within Services and Utilities: SV-16 Waste Services, Small-Cap, and UT-06 Electric, Midwest.

U.S. Equity Update - Cautious Outlook, Downgrading Manufacturing

With major indexes testing support last week, we highlighted that while we expect to see indexes firm up based on YTD trends, the potential for breakdowns was not far off. In today’s report we assess the damage and highlight key support levels.  We also highlight attractive Groups  and stocks within the Materials, Utilities, and Consumer Staples Sectors.

With major indexes testing support last week, we highlighted that while we expect to see indexes firm up based on YTD trends, the potential for breakdowns was not far off. In today’s report we assess the damage and highlight key support levels.  We also highlight attractive Groups  and stocks within the Materials, Utilities, and Consumer Staples Sectors.

Key Support Levels Being Tested for U.S. Indexes

<ul>
<li>
We are downgrading Consumer Discretionary to market weight as retail breakdowns and continued weakness in homebuilders and major autos has led to price and RS uptrend violations for the Sector. Reduce exposure.</li>
<li>
Many major indexes testing support. We cover the S&amp;P 500, Dow, small-caps, PHLX Semiconductor, international developed and emerging markets, which are all at logical support areas. While we expect to see these indexes firm up at current levels based on YTD trends, the potential for breakdowns is not far off.</li>
<li>
Big picture trends. The cyclicals  vs. staples ratio remains elevated and has not broken down. Something similar can be said of the growth vs. value ratio, where the uptrend remains intact.</li>
<li>
In today’s report we highlight attractive Groups and stocks within Energy, Consumer Staples, Materials, and Utilities.</li>
</ul>



We are downgrading Consumer Discretionary to market weight as retail breakdowns and continued weakness in homebuilders and major autos has led to price and RS uptrend violations for the Sector. Reduce exposure.

Many major indexes testing support. We cover the S&amp;P 500, Dow, small-caps, PHLX Semiconductor, international developed and emerging markets, which are all at logical support areas. While we expect to see these indexes firm up at current levels based on YTD trends, the potential for breakdowns is not far off.

Big picture trends. The cyclicals  vs. staples ratio remains elevated and has not broken down. Something similar can be said of the growth vs. value ratio, where the uptrend remains intact.

In today’s report we highlight attractive Groups and stocks within Energy, Consumer Staples, Materials, and Utilities.


Yield Surge Tests Equities; Downgrading Discretionary

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>Atmos Energy Corporation, a prominent player in the U.S. natural gas sector, recently shared its fiscal 2025 thirdquarter results, presenting a mixed picture of both positive strides and challenges.</li><li>The company reported a yearto-date net income of $1 billion, translating to $6.40 per diluted share and adjusted their annual earnings per share guidance to a range of $7.35 to $7.45, reflecting operational achievements and forward-looking adjustments.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Atmos Energy Corporation, a prominent player in the U.S. natural gas sector, recently shared its fiscal 2025 thirdquarter results, presenting a mixed picture of both positive strides and challenges.The company reported a yearto-date net income of $1 billion, translating to $6.40 per diluted share and adjusted their annual earnings per share guidance to a range of $7.35 to $7.45, reflecting operational achievements and forward-looking adjustments.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Atmos Energy: An Analysis of its Recent Strategic Planning & Major Growth Drivers!

<ul><li>Atmos Energy Corporation reported impressive fiscal 2025 first-quarter results with a net income of $352 million, translating into $2.23 per diluted share, a 7.2% increase compared to the previous year's quarter.</li><li>The company's operating income rose by 15% to $459 million, buoyed by rate increases across its operating segments, which contributed $69 million, and customer growth.</li><li>The organization added over 59,000 new customers over the past year, with substantial growth noted in Texas.</li></ul>

Atmos Energy Corporation reported impressive fiscal 2025 first-quarter results with a net income of $352 million, translating into $2.23 per diluted share, a 7.2% increase compared to the previous year's quarter.The company's operating income rose by 15% to $459 million, buoyed by rate increases across its operating segments, which contributed $69 million, and customer growth.The organization added over 59,000 new customers over the past year, with substantial growth noted in Texas.

Atmos Energy: An Insight Into Its Robust Financing Strategy

United States

Atmos Energy Corporation distributes natural gas to utility customers in several states.  The Company's non-utility operations span various states and provide natural gas marketing and procurement services to large customers.  Atmos Energy also manages company-owned natural gas storage and pipeline assets, including an intrastate natural gas pipeline in Texas.

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Atmos Energy (ATO US)

U.S. Equity Update - Cautious Outlook, Downgrading Manufacturing

We remain extremely cautious and expect consolidation, volatility, and lower prices to continue as the market searches for a bottom. In today's...

Vermilion Research

Key Support Levels Being Tested for U.S. Indexes

With major indexes testing support last week, we highlighted that while we expect to see indexes firm up based on YTD trends, the potential for...

Vermilion Research

Yield Surge Tests Equities; Downgrading Discretionary

We are downgrading Consumer Discretionary to market weight as retail breakdowns and continued weakness in homebuilders and major autos has led to...

Vermilion Research

Atmos Energy: An Analysis of its Recent Strategic Planning & Major Growth Drivers!

Atmos Energy Corporation, a prominent player in the U.S. natural gas sector, recently shared its fiscal 2025 thirdquarter results, presenting a...

Baptista Research

Atmos Energy: An Insight Into Its Robust Financing Strategy

Atmos Energy Corporation reported impressive fiscal 2025 first-quarter results with a net income of $352 million, translating into $2.23 per...

Baptista Research

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