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>Dow Inc. recently reported its third-quarter 2025 financial results, revealing a mixed performance amidst challenging market conditions.</li><li>The full analysis of Dow's recent earnings presents a comprehensive picture of its current strategic direction, financial health, and future outlook, taking into account sector performance and strategic maneuvers.</li><li>From the earnings report, Dow achieved net sales of $10 billion for the quarter.</li></ul>

Dow Inc. recently reported its third-quarter 2025 financial results, revealing a mixed performance amidst challenging market conditions.The full analysis of Dow's recent earnings presents a comprehensive picture of its current strategic direction, financial health, and future outlook, taking into account sector performance and strategic maneuvers.From the earnings report, Dow achieved net sales of $10 billion for the quarter.

Dow’s Resilience Playbook: Can It Turn Tariffs, Trade, & Turmoil Into Opportunity?

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>After downgrading our outlook to neutral in our 3/3/26 Compass, we further downgraded our outlook to bearish last week (3/31/26 Compass)...</li>
<li>...with the S&amp;P 500 (SPX) violating major support at 6480-6520, Nasdaq futures (NQ) violating 24,000 support, and the Russell 2000 (IWM) breaking down below crucial $245 support.</li>
<li>Quick reclaims are technically bullish, but we discussed last week how we'd be sellers on rallies to 6480-6520 and the 200-day MA on SPX(currently 6648), and that remains our playbook.</li>
</ul>


After downgrading our outlook to neutral in our 3/3/26 Compass, we further downgraded our outlook to bearish last week (3/31/26 Compass)...
...with the S&amp;P 500 (SPX) violating major support at 6480-6520, Nasdaq futures (NQ) violating 24,000 support, and the Russell 2000 (IWM) breaking down below crucial $245 support.
Quick reclaims are technically bullish, but we discussed last week how we'd be sellers on rallies to 6480-6520 and the 200-day MA on SPX(currently 6648), and that remains our playbook.


Concerns Persist; SPX Testing Resistance at 21-Day EMA and Near 200-Day MA; Bearish Outlook Intact

US Treasury (10 Yr Generic) / Technical Analysis

<ul>
<li>We maintain our near-term bullish outlook on SPX, Nasdaq 100 (QQQ), and Russell 2000 (IWM), which has remained in place since 4/22/25, aside from one week(11/19/25-11/25/25) when we went neutral.</li>
<li>We will stay near-term bullish as long as crucial support levels of 6824 on SPX, $610 on QQQ, and $245 on IWM continue to hold. Intermediate-term, still bullish above 6480-6520</li>
<li>SPX gap down (resistance at 6910-6940, Staples at 4-month RS highs, and more are giving us reason for caution in the near-term, though we still view pullbacks as a buy</li>
</ul>


We maintain our near-term bullish outlook on SPX, Nasdaq 100 (QQQ), and Russell 2000 (IWM), which has remained in place since 4/22/25, aside from one week(11/19/25-11/25/25) when we went neutral.
We will stay near-term bullish as long as crucial support levels of 6824 on SPX, $610 on QQQ, and $245 on IWM continue to hold. Intermediate-term, still bullish above 6480-6520
SPX gap down (resistance at 6910-6940, Staples at 4-month RS highs, and more are giving us reason for caution in the near-term, though we still view pullbacks as a buy


Reason for Near-Term Caution? 10Y Treasury Yield Above 4.20%; Upgrading Energy and Staples

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Commodities

<ul>
<li>U.S. tariffs intensify strain on the petrochemical sector, shielding domestic producers while redirecting Chinese exports into Asia and leaving European firms most exposed.</li>
<li>Trade barriers amplify oversupply pressures, benefiting U.S.-centric petrochemical firms, granting Middle Eastern players new market share, and pushing Chinese exporters into low-margin Asian markets.</li>
<li>Global petrochemicals face a reset, exposing Europe’s vulnerabilities, capping Asian gains, and reinforcing domestic advantages for American producers.</li>
</ul>


U.S. tariffs intensify strain on the petrochemical sector, shielding domestic producers while redirecting Chinese exports into Asia and leaving European firms most exposed.
Trade barriers amplify oversupply pressures, benefiting U.S.-centric petrochemical firms, granting Middle Eastern players new market share, and pushing Chinese exporters into low-margin Asian markets.
Global petrochemicals face a reset, exposing Europe’s vulnerabilities, capping Asian gains, and reinforcing domestic advantages for American producers.


U.S. Petrochemical Companies Gain Ground as European Firms Falter in U.S.-China Trade War

Providing investors with a balanced perspective, Massif Capital

Massif Capital Research

Providing investors with a balanced perspective

Massif Capital

Research focused on providing investors with a balanced perspective on the environmental and economic realities of achieving a carbon-neutral economy for businesses within the Energy, Basic Materials and Industrial industries.

The Massif Capital Real Asset Strategy is a global long/short equity strategy built around bottom-up stock picking. We are focused on creating a portfolio of businesses from within the Energy, Basic Materials and Industrial sectors that balance the environmental and economic realities of achieving a carbon-neutral economy.

Thematic (Sector/Industry)

<div><p>This is the first edition of the Real Asset Chartbook.</p><p>This document arose from an internal need at Massif Capital to consolidate and streamline our process of monitoring liquid real asset markets. It remains a work in progress but is extremely useful in its present state. </p></div><div><p>The Chartbook will be released weekly, on Fridays, after the market closes.</p></div>

This is the first edition of the Real Asset Chartbook.This document arose from an internal need at Massif Capital to consolidate and streamline our process of monitoring liquid real asset markets. It remains a work in progress but is extremely useful in its present state. The Chartbook will be released weekly, on Fridays, after the market closes.

United States

Dow Inc. produces and distributes chemical products. The Company manufactures and supplies chemicals for liquid injection molding, architecture fabrication, leather, textiles, automobiles, rubber consumer goods, and food industries. Dow serves customers worldwide.

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Dow (DOW US)

Dow’s Resilience Playbook: Can It Turn Tariffs, Trade, & Turmoil Into Opportunity?

Dow Inc. recently reported its third-quarter 2025 financial results, revealing a mixed performance amidst challenging market conditions. The full...

Baptista Research

Concerns Persist; SPX Testing Resistance at 21-Day EMA and Near 200-Day MA; Bearish Outlook Intact

Concerns Persist; $SPX Testing Resistance at 21-day EMA and Near 200-day MA; Bearish Outlook Intact. Actionable ideas within Staples $XLP and...

Vermilion Research

Reason for Near-Term Caution? 10Y Treasury Yield Above 4.20%; Upgrading Energy and Staples

Reason for Near-Term Caution? $SPX $QQQ 10-Year Treasury Yield Breaking Above 4.20%; Upgrading Energy $XLE $RSPG and Staples $XLP to market weight,...

Vermilion Research

U.S. Petrochemical Companies Gain Ground as European Firms Falter in U.S.-China Trade War

U.S. tariffs on petrochemicals shift global trade dynamics, benefiting American producers, Middle Eastern players, and low-margin Asian markets...

Mint Finance

Real Asset Chartbook: The First Edition

This is the first edition of the Real Asset Chartbook. This document arose from an internal need at Massif Capital to consolidate and streamline...

Massif Capital Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Dow’s Resilience Playbook: Can It Turn Tariffs, Trade, & Turmoil Into Opportunity?

Dow Inc. recently reported its third-quarter 2025 financial results, revealing a mixed performance amidst challenging market conditions. The full...

Baptista Research

Concerns Persist; SPX Testing Resistance at 21-Day EMA and Near 200-Day MA; Bearish Outlook Intact

Concerns Persist; $SPX Testing Resistance at 21-day EMA and Near 200-day MA; Bearish Outlook Intact. Actionable ideas within Staples $XLP and...

Vermilion Research

Reason for Near-Term Caution? 10Y Treasury Yield Above 4.20%; Upgrading Energy and Staples

Reason for Near-Term Caution? $SPX $QQQ 10-Year Treasury Yield Breaking Above 4.20%; Upgrading Energy $XLE $RSPG and Staples $XLP to market weight,...

Vermilion Research

U.S. Petrochemical Companies Gain Ground as European Firms Falter in U.S.-China Trade War

​U.S. tariffs on petrochemicals shift global trade dynamics, benefiting American producers, Middle Eastern players, and low-margin Asian markets...

Mint Finance

Real Asset Chartbook: The First Edition

This is the first edition of the Real Asset Chartbook. This document arose from an internal need at Massif Capital to consolidate and streamline...

Massif Capital Research

U.S. tariffs on petrochemicals shift global trade dynamics, benefiting American producers, Middle Eastern players, and low-margin Asian markets...