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>Cal-Maine Foods reported third quarter fiscal 2026 results amid ongoing strategic transformation efforts in a challenging supply environment.</li><li>Net sales declined 53% to $667 million versus the prior year, driven largely by a 72% drop in conventional egg sales due to significantly lower selling prices and modestly reduced volumes.</li><li>Specialty egg sales also decreased 12%, with prices down by nearly 17% but volumes up 5.8%, reflecting continued growth in this segment.</li></ul>

Cal-Maine Foods reported third quarter fiscal 2026 results amid ongoing strategic transformation efforts in a challenging supply environment.Net sales declined 53% to $667 million versus the prior year, driven largely by a 72% drop in conventional egg sales due to significantly lower selling prices and modestly reduced volumes.Specialty egg sales also decreased 12%, with prices down by nearly 17% but volumes up 5.8%, reflecting continued growth in this segment.

Cal-Maine Foods’ 72% Conventional Egg Sales Drop — Is The Worst Over?

<ul><li>For years, egg producers were treated as classic cyclical businesses whose fortunes rose and fell with flock losses, feed costs, and short-term supply disruptions.</li><li>That framework now looks incomplete.</li><li>The latest backdrop around Cal-Maine Foods suggests the market is confronting a more complicated question: whether a portion of peak profitability came not just from avian flu-driven scarcity, but from a pricing environment increasingly shaped by shared benchmarks, structured contracts, and more synchronized market behavior.</li></ul>

For years, egg producers were treated as classic cyclical businesses whose fortunes rose and fell with flock losses, feed costs, and short-term supply disruptions.That framework now looks incomplete.The latest backdrop around Cal-Maine Foods suggests the market is confronting a more complicated question: whether a portion of peak profitability came not just from avian flu-driven scarcity, but from a pricing environment increasingly shaped by shared benchmarks, structured contracts, and more synchronized market behavior.

Cal-Maine Foods: When “Smart Pricing” Suddenly Becomes A Liability!

<ul><li>Cal-Maine Foods reported a materially weaker quarter on headline financial metrics as lower egg prices, softer conventional volumes, and reduced market disruption from avian influenza drove a sharp decline in sales, operating income, net income, and earnings per share versus the unusually strong prior-year period.</li><li>Conventional egg sales were pressured by a steep drop in selling prices, while specialty egg pricing also moved lower, though specialty volumes increased.</li><li>The quarter therefore reflected a normalization in market conditions rather than a breakdown in category demand.</li></ul>

Cal-Maine Foods reported a materially weaker quarter on headline financial metrics as lower egg prices, softer conventional volumes, and reduced market disruption from avian influenza drove a sharp decline in sales, operating income, net income, and earnings per share versus the unusually strong prior-year period.Conventional egg sales were pressured by a steep drop in selling prices, while specialty egg pricing also moved lower, though specialty volumes increased.The quarter therefore reflected a normalization in market conditions rather than a breakdown in category demand.

Cal-Maine Foods: Beyond Shell Eggs—How Prepared Foods Is Driving Diversification!

<ul><li>Cal-Maine Foods delivered a profitable second quarter of fiscal 2026 despite a sharp decline in conventional egg pricing versus an unusually strong prior-year environment.</li><li>Net sales fell to $769.5 million from $954.7 million, largely reflecting a 26.5% decline in overall shell egg selling prices and a 2.2% decrease in shell egg volumes.</li><li>Conventional egg sales dropped 41% on lower prices, while specialty egg sales were essentially flat at $285.7 million, with stable pricing and volumes.</li></ul>

Cal-Maine Foods delivered a profitable second quarter of fiscal 2026 despite a sharp decline in conventional egg pricing versus an unusually strong prior-year environment.Net sales fell to $769.5 million from $954.7 million, largely reflecting a 26.5% decline in overall shell egg selling prices and a 2.2% decrease in shell egg volumes.Conventional egg sales dropped 41% on lower prices, while specialty egg sales were essentially flat at $285.7 million, with stable pricing and volumes.

Cal-Maine Foods: Echo Lake and Crepini Expansion—A Prepared Foods Scale-Up That Changes Everything!

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>The SPX, Nasdaq 100 (QQQ), and Russell 2000 (IWM) continue to hold above short-term support at their respective 20-day MAs (currently 5966 on SPX, $526.50 on QQQ, $208.75 on IWM)</li>
<li>As long as 20-day MA supports hold, our near-term bullish outlook that we have had since our 4/22/25 Compass remains intact.</li>
<li>We will need to see breakdowns below 20-day MA supports in order to expect any meaningful near-term downside.</li>
</ul>


The SPX, Nasdaq 100 (QQQ), and Russell 2000 (IWM) continue to hold above short-term support at their respective 20-day MAs (currently 5966 on SPX, $526.50 on QQQ, $208.75 on IWM)
As long as 20-day MA supports hold, our near-term bullish outlook that we have had since our 4/22/25 Compass remains intact.
We will need to see breakdowns below 20-day MA supports in order to expect any meaningful near-term downside.


20-Day MA Supports Holding on SPX, QQQ, IWM; Bullish Outlook Intact

United States

Cal-Maine Foods, Inc. produces, cleans, grades, packs, and sells fresh shell eggs.  The Company markets its products in various states in the Southwestern, Southeastern, Midwestern, and Mid-Atlantic regions of the United States.

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Cal Maine Foods (CALM US)

Cal-Maine Foods’ 72% Conventional Egg Sales Drop — Is The Worst Over?

Cal-Maine Foods reported third quarter fiscal 2026 results amid ongoing strategic transformation efforts in a challenging supply environment. Net...

Baptista Research

Cal-Maine Foods: When “Smart Pricing” Suddenly Becomes A Liability!

For years, egg producers were treated as classic cyclical businesses whose fortunes rose and fell with flock losses, feed costs, and short-term...

Baptista Research

Cal-Maine Foods: Beyond Shell Eggs—How Prepared Foods Is Driving Diversification!

Cal-Maine Foods reported a materially weaker quarter on headline financial metrics as lower egg prices, softer conventional volumes, and reduced...

Baptista Research

Cal-Maine Foods: Echo Lake and Crepini Expansion—A Prepared Foods Scale-Up That Changes Everything!

Cal-Maine Foods delivered a profitable second quarter of fiscal 2026 despite a sharp decline in conventional egg pricing versus an unusually...

Baptista Research

20-Day MA Supports Holding on SPX, QQQ, IWM; Bullish Outlook Intact

20-Day MA Supports Holding on $SPX, $QQQ, and $IWM. As long as 20-day MA supports hold, our near-term bullish outlook that we have had since our 4...

Vermilion Research

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