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

Charter Communications  / Equity Bottom-Up

<ul><li>Charter Communications reported mixed results for the second quarter of 2026, reflecting ongoing challenges and strategic initiatives ahead of its planned acquisition of Cox Communications.</li><li>The company added over 400,000 Spectrum Mobile lines during the quarter, reflecting a 16% growth over the past 12 months and positioning mobile services as a key growth area.</li><li>Video customer losses improved significantly compared to the prior year, with only 21,000 net losses, attributed to enhanced product offerings and packaging.</li></ul>

Charter Communications reported mixed results for the second quarter of 2026, reflecting ongoing challenges and strategic initiatives ahead of its planned acquisition of Cox Communications.The company added over 400,000 Spectrum Mobile lines during the quarter, reflecting a 16% growth over the past 12 months and positioning mobile services as a key growth area.Video customer losses improved significantly compared to the prior year, with only 21,000 net losses, attributed to enhanced product offerings and packaging.

Charter Communications Unlocks An $800 Million Cox Synergy Engine; But Is It Enough?

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>Charter is navigating a strategic pivot from a traditional cable provider to a converged connectivity company, focusing on bundling high-speed broadband with its rapidly growing Spectrum Mobile service to enhance customer retention and lifetime value.</li>
  <li>The company faces significant headwinds in its core broadband business, evidenced by accelerating subscriber losses due to intense competition from fiber overbuilders and fixed wireless access (FWA) providers.</li>
  <li>Management's strategy involves heavy capital expenditure in the near term for network upgrades (DOCSIS 4.0) and rural footprint expansion, with an expected inflection to significant free cash flow generation post-2026 as capex intensity subsides.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Charter is navigating a strategic pivot from a traditional cable provider to a converged connectivity company, focusing on bundling high-speed broadband with its rapidly growing Spectrum Mobile service to enhance customer retention and lifetime value.
  The company faces significant headwinds in its core broadband business, evidenced by accelerating subscriber losses due to intense competition from fiber overbuilders and fixed wireless access (FWA) providers.
  Management's strategy involves heavy capital expenditure in the near term for network upgrades (DOCSIS 4.0) and rural footprint expansion, with an expected inflection to significant free cash flow generation post-2026 as capex intensity subsides.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Charter Communications  (CHTR US) - Jul 2026

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Thematic (Sector/Industry)

<ul><li>Markets always act erratically, but I thought I would highlight one aspect that disproportionately impacts semiconductors.</li><li>Factor investing is not new, but we are in a unique period where Momentum has quite a period of outperformance and short-term outperformance.</li><li>This matters because semiconductors are (as far as my memory holds) the most significant weight in Momentum I’ve ever witnessed. </li></ul>

Markets always act erratically, but I thought I would highlight one aspect that disproportionately impacts semiconductors.Factor investing is not new, but we are in a unique period where Momentum has quite a period of outperformance and short-term outperformance.This matters because semiconductors are (as far as my memory holds) the most significant weight in Momentum I’ve ever witnessed. 

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/walmart-inc" target="_blank" data-smartkarma-citation="entities:11134:1" rel="noopener">Walmart (WMT US)</a> is now eligible for Nasdaq100 following its listing change from NYSE to Nasdaq on 9 December 2025, marking the largest exchange transfer in history.</li>
<li>The listing transfer was completed after the December 2025 annual review cut-off, so Nasdaq100 inclusion is anticipated by December 2026.</li>
<li>Forecasted passive fund demand upon inclusion is ~600m shares, $70bn and 25 ADV.</li>
</ul>



Walmart (WMT US) is now eligible for Nasdaq100 following its listing change from NYSE to Nasdaq on 9 December 2025, marking the largest exchange transfer in history.
The listing transfer was completed after the December 2025 annual review cut-off, so Nasdaq100 inclusion is anticipated by December 2026.
Forecasted passive fund demand upon inclusion is ~600m shares, $70bn and 25 ADV.


Walmart (WMT US): Unwrapping Nasdaq100 Inclusion Following Listing Transfer

Index Rebalance and Special Situations Coverage, Quiddity Advisors

Anjana Amarasuriya

Index Rebalance and Special Situations Coverage

Quiddity Advisors

Pan-Asia Catalysts/Events

Charter Communications  / Index Rebalance

<ul>
<li>The Nasdaq 100 index tracks the 100 largest names listed on the Nasdaq Stock Exchange.</li>
<li>In this insight, we have presented our final expectations for ADDs and DELs for the upcoming June 2026 index rebal event.</li>
<li>We expect over US$9.4bn one-way flows for Nasdaq 100 during the June 2026 index rebal event.</li>
</ul>


The Nasdaq 100 index tracks the 100 largest names listed on the Nasdaq Stock Exchange.
In this insight, we have presented our final expectations for ADDs and DELs for the upcoming June 2026 index rebal event.
We expect over US$9.4bn one-way flows for Nasdaq 100 during the June 2026 index rebal event.


Quiddity Leaderboard Nasdaq100 Jun26 Rebal: Final Expectations

United States

Charter Communications, Inc. operates as a cable telecommunications company. The Company offers cable broadcasting, internet, voice, and mass media services. Charter Communications serves customers in the United States.

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Charter Communications (CHTR US)

Charter Communications Unlocks An $800 Million Cox Synergy Engine; But Is It Enough?

Charter Communications reported mixed results for the second quarter of 2026, reflecting ongoing challenges and strategic initiatives ahead of its...

Baptista Research

Primer: Charter Communications (CHTR US) - Jul 2026

Charter is navigating a strategic pivot from a traditional cable provider to a converged connectivity company, focusing on bundling high-speed...

αSK Primers

Factors and Semiconductors

A friendly warning. Momentum is outperforming all factors this year, and Semiconductors are a large part of that. Markets always act erratically,...

Fabricated Knowledge

Walmart (WMT US): Unwrapping Nasdaq100 Inclusion Following Listing Transfer

AstraZeneca (AZN) will delist its ADRs from Nasdaq and transition to a direct listing of its ordinary shares on the NYSE on 2 February. As a...

Dimitris Ioannidis

Quiddity Leaderboard Nasdaq100 Jun26 Rebal: Final Expectations

First Nasdaq 100 quarterly rebal under the new rules: five DELs, five ADDs, and ~US$9.4bn of one-way flow expected in June 2026.

Anjana Amarasuriya

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