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>The Campbell's Company, reporting its third-quarter fiscal 2025 earnings, demonstrated a mixed performance across its divisions, presenting both strengths and challenges.</li><li>On the positive side, the company's Meals & Beverages division outperformed expectations, driving the overall results of the quarter.</li><li>This division experienced organic net sales growth, buoyed by increased consumer interest in home cooking amidst macroeconomic pressures, such as inflation and shifting consumer preferences.</li></ul>

The Campbell's Company, reporting its third-quarter fiscal 2025 earnings, demonstrated a mixed performance across its divisions, presenting both strengths and challenges.On the positive side, the company's Meals & Beverages division outperformed expectations, driving the overall results of the quarter.This division experienced organic net sales growth, buoyed by increased consumer interest in home cooking amidst macroeconomic pressures, such as inflation and shifting consumer preferences.

The Campbell Company’s $130 Million Cost Overhaul Is Just the Beginning; What Lies Ahead?

Index Rebalance and Special Situations Coverage, Quiddity Advisors

Anjana Amarasuriya

Index Rebalance and Special Situations Coverage

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SP Select Sector indices are a family of 11 sector-specific indices derived from the SP 500 index based on GICS (Global Industry Classification Standard) classifications.</li>
<li>The Technology Select Sector Index is back on top with US$5.1 bn one-way flow while the  Communication Services Select Sector Index still has significant flows.</li>
<li>The pending intra-review deal could trigger additional intra-review flows of ~US$1bn across the Select Sector indices if the deal closes before the June 2026 regular rebalance.</li>
</ul>


The SP Select Sector indices are a family of 11 sector-specific indices derived from the SP 500 index based on GICS (Global Industry Classification Standard) classifications.
The Technology Select Sector Index is back on top with US$5.1 bn one-way flow while the  Communication Services Select Sector Index still has significant flows.
The pending intra-review deal could trigger additional intra-review flows of ~US$1bn across the Select Sector indices if the deal closes before the June 2026 regular rebalance.


Quiddity Leaderboard SP Select Sector Jun26 Rebal: One-Way Flow Climbs ~US$4bn In A Month

<ul>
<li>The SP 500 index tracks the 500 largest US-listed names and is one of the most highly-tracked indices in the world.</li>
<li>Two active M&amp;A deals could trigger intra-review ADDs. Shareholders have already approved one deal while the other goes to a shareholder vote on 4th May 2026.</li>
<li>
<a href="https://www.smartkarma.com/entities/titan-international-inc" target="_blank" data-smartkarma-citation="entities:2416:1" rel="noopener">Titan International (TWI US)</a>, our previous top SP 600 deletion candidate, was dropped from the SP 600. <a href="https://www.smartkarma.com/entities/insteel-industries-inc" target="_blank" data-smartkarma-citation="entities:4069:1" rel="noopener">Insteel Industries (IIIN US)</a> is now our top DELETION candidate.</li>
</ul>


The SP 500 index tracks the 500 largest US-listed names and is one of the most highly-tracked indices in the world.
Two active M&amp;A deals could trigger intra-review ADDs. Shareholders have already approved one deal while the other goes to a shareholder vote on 4th May 2026.

Titan International (TWI US), our previous top SP 600 deletion candidate, was dropped from the SP 600. Insteel Industries (IIIN US) is now our top DELETION candidate.


Quiddity Leaderboard SP500/600 Jun26 Rebal: Two M&A Deals in Play; May Close Before June Review

<ul>
<li>The SP Select Sector indices are a family of 11 sector-specific indices derived from the SP 500 index based on GICS (Global Industry Classification Standard) classifications.</li>
<li>Large flows in the Communication Services (XLC) Index are driven by a secondary re-weighting triggered after the March 2026 rebalance that we expect to be corrected in June.</li>
<li>Intra-Review changes are expected to trigger an additional US$2.8bn of one-way flows across the Select Sector indices if implemented before the June 2026 regular rebalance.</li>
</ul>


The SP Select Sector indices are a family of 11 sector-specific indices derived from the SP 500 index based on GICS (Global Industry Classification Standard) classifications.
Large flows in the Communication Services (XLC) Index are driven by a secondary re-weighting triggered after the March 2026 rebalance that we expect to be corrected in June.
Intra-Review changes are expected to trigger an additional US$2.8bn of one-way flows across the Select Sector indices if implemented before the June 2026 regular rebalance.


Quiddity Leaderboard SP Select Sector Jun26 Rebal: Over US$10bn One-Way Flow Expected

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

Health Care Select Sector SPDR / Technical Analysis

<ul>
<li>As the saying goes, "sector rotation is the lifeblood of a bull market." That appears to be exactly what is going on as we kick off 2024.</li>
<li>Leadership areas that have significantly outperformed since the October 2023 lows are starting to pull back rather hard -- and on above average volume (XLK, SMH, IGV, ARKK, IPO, BITQ)</li>
<li>Other Sectors are picking up the slack, namely Health Care (XLV), Staples (XLP), Utilities (XLU), Energy (XLE), Financials (XLF), and Real Estate (XLRE). Shift exposure toward value and defensives</li>
</ul>


As the saying goes, "sector rotation is the lifeblood of a bull market." That appears to be exactly what is going on as we kick off 2024.
Leadership areas that have significantly outperformed since the October 2023 lows are starting to pull back rather hard -- and on above average volume (XLK, SMH, IGV, ARKK, IPO, BITQ)
Other Sectors are picking up the slack, namely Health Care (XLV), Staples (XLP), Utilities (XLU), Energy (XLE), Financials (XLF), and Real Estate (XLRE). Shift exposure toward value and defensives


Upgrading Staples and Health Care to Market Weight; Shift to Value; Failed Breakouts for ARKK, IPO

United States

Campbell Soup Company, with its subsidiaries, manufactures and markets branded convenience food products.  The Company's core divisions include soups and sauces, biscuits and confectionery, and foodservice.  Campbell's distributes its products worldwide.

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Campbell Soup Co (CPB US)

The Campbell Company’s $130 Million Cost Overhaul Is Just the Beginning; What Lies Ahead?

The Campbell's Company, reporting its third-quarter fiscal 2025 earnings, demonstrated a mixed performance across its divisions, presenting both...

Baptista Research

Quiddity Leaderboard SP Select Sector Jun26 Rebal: One-Way Flow Climbs ~US$4bn In A Month

Over US$37bn of one-way flow expected across SP 500, Select Sectors, and Equal Weight at the June 2026 rebalance. The pending M&A deal could add...

Anjana Amarasuriya

Quiddity Leaderboard SP500/600 Jun26 Rebal: Two M&A Deals in Play; May Close Before June Review

Bloom Energy (BE US) cleared the SP 500 financial viability requirement with $70.7m of net income in its Q1 2026 earnings release on 28 April 2026,...

Anjana Amarasuriya

Quiddity Leaderboard SP Select Sector Jun26 Rebal: Over US$10bn One-Way Flow Expected

A secondary re-weighting correction is set to drive over US$3.7bn of one-way flows in Communication Services in the June 2026 SP Select Sector...

Anjana Amarasuriya

Upgrading Staples and Health Care to Market Weight; Shift to Value; Failed Breakouts for ARKK, IPO

Shifting exposure toward value and defensives. Upgrading Consumer Staples $XLP and Health Care $XLV to market weight. $ARKK and $IPO with bearish...

Vermilion Research

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