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>Ciena Corporation reported strong financial results for its fiscal first quarter of 2026.</li><li>The company's revenue reached a record high of $1.43 billion, marking a 33% increase year-over-year, which was bolstered by demand from service providers and hyperscalers for Ciena's high-speed optical systems and interconnects.</li><li>Notably, Ciena's adjusted gross margin came in at 44.7%, exceeding expectations and highlighting effective cost management and the beneficial impact of product mix.</li></ul>

Ciena Corporation reported strong financial results for its fiscal first quarter of 2026.The company's revenue reached a record high of $1.43 billion, marking a 33% increase year-over-year, which was bolstered by demand from service providers and hyperscalers for Ciena's high-speed optical systems and interconnects.Notably, Ciena's adjusted gross margin came in at 44.7%, exceeding expectations and highlighting effective cost management and the beneficial impact of product mix.

Ciena: A $7 Billion Backlog & Rising Optical Demand—The Network Infrastructure Boom Is Back!

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 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we have presented our expectations for ADDs and DELs for the upcoming quarterly review in March 2026.</li>
<li>We expect one intra-review index change <em>before</em> the regular rebalance and two changes during the March 2026 regular rebalance. There is an SP 400 intra-review change this week.</li>
</ul>


The SP 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we have presented our expectations for ADDs and DELs for the upcoming quarterly review in March 2026.
We expect one intra-review index change before the regular rebalance and two changes during the March 2026 regular rebalance. There is an SP 400 intra-review change this week.


Quiddity Leaderboard SP500/600 Mar26 Rebal: TWO Regular ADDs/DELs + ONE Intra-Review Change Coming

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.

<ul><li><a href="https://www.smartkarma.com/entities/entegris-inc" target="_blank" data-smartkarma-citation="entities:12493" rel="noopener">Entegris Inc (ENTG US)</a> - Memory spending is happening next year, but MSI remains weak.</li><li><a href="https://www.smartkarma.com/entities/astera-labs-inc" target="_blank" data-smartkarma-citation="entities:40921" rel="noopener">Astera Labs (ALAB US)</a> - This is now the second way to play a levered Trainium ramp, as they have extensive content with <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409" rel="noopener">Amazon.com Inc (AMZN US)</a>.</li><li><a href="https://www.smartkarma.com/entities/lattice-semiconductor-corp" target="_blank" data-smartkarma-citation="entities:7855" rel="noopener">Lattice Semiconductor (LSCC US)</a> - Standard kitchen sink; I like the stock long-term.</li></ul>

Entegris Inc (ENTG US) - Memory spending is happening next year, but MSI remains weak.Astera Labs (ALAB US) - This is now the second way to play a levered Trainium ramp, as they have extensive content with Amazon.com Inc (AMZN US).Lattice Semiconductor (LSCC US) - Standard kitchen sink; I like the stock long-term.

Earnings: ENTG, ALAB, LSCC, SITM, QCOM, MCHP, WOLF, ARM, ACLS, AAOI, ANET, LITE, COHR

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

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.

<ul>
<li>The $12.3bn acquisition of <a href="https://www.smartkarma.com/entities/dayforce-inc" target="_blank" data-smartkarma-citation="entities:27122:1" rel="noopener">Dayforce (DAY US)</a> by Thoma Bravo was completed today, 4 Feb.</li>
<li>
<a href="https://www.smartkarma.com/entities/ciena-corp" target="_blank" data-smartkarma-citation="entities:15442:1" rel="noopener">Ciena Corp (CIEN US)</a> is forecasted to be the primary replacement candidate of DAY in S&amp;P500 following a price surge of more than 170% over the past 6 months.</li>
<li>Other replacement candidates include <a href="https://www.smartkarma.com/entities/alnylam-pharmaceuticals-inc" target="_blank" data-smartkarma-citation="entities:2191:1" rel="noopener">Alnylam Pharmaceuticals (ALNY US)</a> and <a href="https://www.smartkarma.com/entities/cheniere-energy-inc" target="_blank" data-smartkarma-citation="entities:16683:1" rel="noopener">Cheniere Energy (LNG US)</a> due to sector balance, and <a href="https://www.smartkarma.com/entities/coherent-inc" target="_blank" data-smartkarma-citation="entities:10180:1" rel="noopener">Coherent (COHR US)</a> due to market cap.</li>
</ul>


The $12.3bn acquisition of Dayforce (DAY US) by Thoma Bravo was completed today, 4 Feb.

Ciena Corp (CIEN US) is forecasted to be the primary replacement candidate of DAY in S&amp;P500 following a price surge of more than 170% over the past 6 months.
Other replacement candidates include Alnylam Pharmaceuticals (ALNY US) and Cheniere Energy (LNG US) due to sector balance, and Coherent (COHR US) due to market cap.


Ciena Corp (CIEN US): Poised for S&P500 Inclusion Amid Price Surge and Dayforce Acquisition

<ul><li>Ciena Corporation recently reported its fiscal fourth-quarter and full-year 2025 financial results, showing a marked increase in revenue and earnings.</li><li>The company recorded a fourth-quarter revenue of $1.35 billion, representing a 20% increase year-over-year, and a full-year revenue of $4.77 billion, up 19% from the previous year.</li><li>These results underscore Ciena's sustained investment in high-speed connectivity technologies and its strategic alignment with market demand, especially in the AI ecosystem, serving both cloud and service providers.</li></ul>

Ciena Corporation recently reported its fiscal fourth-quarter and full-year 2025 financial results, showing a marked increase in revenue and earnings.The company recorded a fourth-quarter revenue of $1.35 billion, representing a 20% increase year-over-year, and a full-year revenue of $4.77 billion, up 19% from the previous year.These results underscore Ciena's sustained investment in high-speed connectivity technologies and its strategic alignment with market demand, especially in the AI ecosystem, serving both cloud and service providers.

Ciena Corporation: Unlocking Long-Term Growth Through AI, Data Centers & Optical Leadership!

United States

Ciena Corporation develops and markets communications network platforms and software, and offers professional services.  The Company's broadband access, data and optical networking platforms, software tools, and global network services support worldwide telecom and cable/MSO services providers, and enterprise and government networks.

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Ciena Corp (CIEN US)

Ciena: A $7 Billion Backlog & Rising Optical Demand—The Network Infrastructure Boom Is Back!

Ciena Corporation reported strong financial results for its fiscal first quarter of 2026. The company's revenue reached a record high of $1.43...

Baptista Research

Quiddity Leaderboard SP500/600 Mar26 Rebal: TWO Regular ADDs/DELs + ONE Intra-Review Change Coming

There are now 19 Intra-review changes (25 flow lines) for SP 400, SP 600, and SP Completion and a couple of index upweights for SP 500. Over US$4...

Anjana Amarasuriya

Earnings: ENTG, ALAB, LSCC, SITM, QCOM, MCHP, WOLF, ARM, ACLS, AAOI, ANET, LITE, COHR

What a week (I’m a bit late on this)! I wanted to give a quick overview of all the companies that reported last week. Lattice Semiconductor -...

Fabricated Knowledge