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>Commercial Metals Company is expanding beyond rebar and into concrete.</li><li>In a pivotal move announced on October 16, 2025, CMC revealed a definitive agreement to acquire Foley Products, a leading supplier of precast concrete infrastructure solutions in the Southeastern U.S., for $1.84 billion in cash.</li><li>The acquisition, along with the earlier announced acquisition of CP&P, marks the company's formal entry into the precast concrete space and positions it to become the third-largest precast platform in the United States.</li></ul>

Commercial Metals Company is expanding beyond rebar and into concrete.In a pivotal move announced on October 16, 2025, CMC revealed a definitive agreement to acquire Foley Products, a leading supplier of precast concrete infrastructure solutions in the Southeastern U.S., for $1.84 billion in cash.The acquisition, along with the earlier announced acquisition of CP&P, marks the company's formal entry into the precast concrete space and positions it to become the third-largest precast platform in the United States.

Commercial Metals Goes All-In on Infrastructure—Will This $1.8 Billion Deal Pay Off?

<ul><li>In a bold move signaling its intent to deepen its footprint in early-stage construction solutions, Commercial Metals Company has announced its plan to acquire Concrete Pipe & Precast (CP&P) for $675 million in cash.</li><li>This acquisition comes at a pivotal time for CMC, which has been actively executing a strategy focused on higher-margin, lower-volatility segments, and expanding its exposure to infrastructure-heavy regions such as the U.S. South and Mid-Atlantic.</li><li>CP&P, a supplier of precast concrete products, offers CMC the opportunity to integrate earlier into the construction value chain—a key element of its long-term growth strategy.</li></ul>

In a bold move signaling its intent to deepen its footprint in early-stage construction solutions, Commercial Metals Company has announced its plan to acquire Concrete Pipe & Precast (CP&P) for $675 million in cash.This acquisition comes at a pivotal time for CMC, which has been actively executing a strategy focused on higher-margin, lower-volatility segments, and expanding its exposure to infrastructure-heavy regions such as the U.S. South and Mid-Atlantic.CP&P, a supplier of precast concrete products, offers CMC the opportunity to integrate earlier into the construction value chain—a key element of its long-term growth strategy.

Why Commercial Metals’ $675 Million Bet On Concrete Pipe Could Reshape The Construction Landscape!

<ul><li>Commercial Metals Company (CMC) showcased a nuanced performance in its fiscal 2025 second-quarter results.</li><li>The company reported net earnings of $25.5 million, translating to $0.22 per diluted share, against net sales of $1.8 billion.</li><li>This figure includes $3.9 million of after-tax charges, with adjusted earnings reaching $29.3 million or $0.26 per diluted share.</li></ul>

Commercial Metals Company (CMC) showcased a nuanced performance in its fiscal 2025 second-quarter results.The company reported net earnings of $25.5 million, translating to $0.22 per diluted share, against net sales of $1.8 billion.This figure includes $3.9 million of after-tax charges, with adjusted earnings reaching $29.3 million or $0.26 per diluted share.

Commercial Metals Company: Expansion of Production Capabilities

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

Nasdaq-100 Stock Index / Technical Analysis

<ul>
<li>We had a near-term bullish outlook on the S&amp;P 500 (SPX) and Nasdaq 100 (QQQ) from 4/22/25 to 11/19/25.</li>
<li>After being near-term neutral for a week, we flipped back to bullish in our 11/25/25 report last week, all while maintaining our intermediate-term bullish outlook (as of our 5/14/25 report).</li>
<li>We'll stay near-term bullish as long as crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ hold. We believe SPX,QQQ, and IWM are in a new "lockout rally"</li>
</ul>


We had a near-term bullish outlook on the S&amp;P 500 (SPX) and Nasdaq 100 (QQQ) from 4/22/25 to 11/19/25.
After being near-term neutral for a week, we flipped back to bullish in our 11/25/25 report last week, all while maintaining our intermediate-term bullish outlook (as of our 5/14/25 report).
We'll stay near-term bullish as long as crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ hold. We believe SPX,QQQ, and IWM are in a new "lockout rally"


New Lockout Rally Underway on SPX, QQQ, and IWM? Yes. Here Is Why. Still Bullish

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
<li>Our near-term bullish outlook will remain in place long as the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM) are above their 20-day MAs.</li>
<li>Short-Term SPX support is at 6028-6059 and the 20-day MA, with additional supports at 5804-5854 and 5700-5785. Russell 2000 (IWM) and S&amp;P Mid Caps (IJH) also breaking above key resistances</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
Our near-term bullish outlook will remain in place long as the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM) are above their 20-day MAs.
Short-Term SPX support is at 6028-6059 and the 20-day MA, with additional supports at 5804-5854 and 5700-5785. Russell 2000 (IWM) and S&amp;P Mid Caps (IJH) also breaking above key resistances


Blue Sky Territory; Bullish Outlook Intact; Nasdaq 100 and S&P 500 Breaking to All-Time Highs

United States

Commercial Metals Company and its subsidiaries manufacture, recycle, and market steel and metal products and related materials.  The Company markets and trades primary and secondary metals, steel, ores, concentrates, industrial minerals, ferroalloys, chemicals, and other materials used in a variety of industries.

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Commercial Metals Co (CMC US)

Commercial Metals Goes All-In on Infrastructure—Will This $1.8 Billion Deal Pay Off?

Commercial Metals Company is expanding beyond rebar and into concrete. In a pivotal move announced on October 16, 2025, CMC revealed a definitive...

Baptista Research

Why Commercial Metals’ $675 Million Bet On Concrete Pipe Could Reshape The Construction Landscape!

In a bold move signaling its intent to deepen its footprint in early-stage construction solutions, Commercial Metals Company has announced its...

Baptista Research

Commercial Metals Company: Expansion of Production Capabilities

Commercial Metals Company (CMC) showcased a nuanced performance in its fiscal 2025 second-quarter results. The company reported net earnings of...

Baptista Research

New Lockout Rally Underway on SPX, QQQ, and IWM? Yes. Here Is Why. Still Bullish

New Lockout Rally Underway on $SPX, $QQQ, and $IWM? Yes. The last time we made this same claim was in our 5/6/25 Compass report. Still Near-Term...

Vermilion Research

Blue Sky Territory; Bullish Outlook Intact; Nasdaq 100 and S&P 500 Breaking to All-Time Highs

Blue Sky Territory; Bullish Outlook Intact; $QQQ and $SPX Breaking to All-Time Highs; Russell 2000 $IWM and Mid Caps $IJH also breaking above...

Vermilion Research

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