Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The S&amp;P 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 take a look at the upcoming constituent changes in the run up to the March 2025 index rebal event.</li>
<li>We expect two regular changes in March 2025. There are also several live spin-off and M&amp;A events which are likely to trigger intra-review index changes before then.</li>
</ul>


The S&amp;P 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 take a look at the upcoming constituent changes in the run up to the March 2025 index rebal event.
We expect two regular changes in March 2025. There are also several live spin-off and M&amp;A events which are likely to trigger intra-review index changes before then.


[Quiddity Index Jan25] S&P500/600 Mar25 Rebal: Multiple Intra-Review Changes Possible

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>Our outlook remains bullish following the S&amp;P 500's multi-month base breakout above 5670, alongside healthy market dynamics which have continued to improve.</li>
<li>Two weeks ago, our election day report (11/5/24) was titled "Buy the Pullback," and with the SPX/QQQ/IWM pulling back to their 20-day MAs, it's time to buy the pullback again.</li>
<li>We continue to expect significant upside into year-end and early 2025, and we expect support at the 20-day MAs on the aforementioned indexes (though support at 50-day MAs is possible).</li>
</ul>


Our outlook remains bullish following the S&amp;P 500's multi-month base breakout above 5670, alongside healthy market dynamics which have continued to improve.
Two weeks ago, our election day report (11/5/24) was titled "Buy the Pullback," and with the SPX/QQQ/IWM pulling back to their 20-day MAs, it's time to buy the pullback again.
We continue to expect significant upside into year-end and early 2025, and we expect support at the 20-day MAs on the aforementioned indexes (though support at 50-day MAs is possible).


Buy the Pullback Again; S&P 500, Nasdaq 100, Russell 2000 Testing Confluence of Support

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>Chesapeake Energy Corporation's second quarter 2024 earnings underscore a strategic balance between operational efficiency and financial stewardship amidst the dynamic conditions of the natural gas market.</li><li>The company has effectively reduced its operating costs and improved capital efficiency, pivotal in maneuvering through low-price environments.</li><li>Chesapeake has achieved a 50% improvement in Marcellus drilling performance since 2022, attributed to a 50% increase in daily drilling over the past two years and an extension in average lateral well length by nearly 3,000 feet in Q2.</li></ul>

Chesapeake Energy Corporation's second quarter 2024 earnings underscore a strategic balance between operational efficiency and financial stewardship amidst the dynamic conditions of the natural gas market.The company has effectively reduced its operating costs and improved capital efficiency, pivotal in maneuvering through low-price environments.Chesapeake has achieved a 50% improvement in Marcellus drilling performance since 2022, attributed to a 50% increase in daily drilling over the past two years and an extension in average lateral well length by nearly 3,000 feet in Q2.

Chesapeake Energy Corporation: Initiation Of Coverage - What Is Their Deferred Production Strategy and Market Responsiveness? - Major Drivers

Podcast by S&P analysing commodity market trends, Commodities Focus

Commodities Focus

Podcast by S&P analysing commodity market trends

S&P Global Commodity Insights analysis of key news and pricing issues from across the global shipping, natural gas, power, petrochemicals, agriculture, and coal markets.

Cross Asset Strategy

<ul><li>Gas producers are responding to weak prices in 2024 by cutting capital spending by 8-17%.</li><li>Production hit all-time highs at the end of 2023, but has since decreased with a surplus in gas storage.</li><li>Operators are managing risks of potential future demand by building up duck inventory and focusing on operational momentum.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Gas producers are responding to weak prices in 2024 by cutting capital spending by 8-17%.Production hit all-time highs at the end of 2023, but has since decreased with a surplus in gas storage.Operators are managing risks of potential future demand by building up duck inventory and focusing on operational momentum.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

How Are Gas Operators Navigating the Difficult Gas Environment in 2024?

Podcast by J.P. Morgan analysts on global markets, At Any Rate

At Any Rate

Podcast by J.P. Morgan analysts on global markets

Analysts from J.P. Morgan’s Research team take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.

Thematic (Sector/Industry)

<ul><li>US natural gas market seeing production reduction by Chesapeake, but overall storage trajectory only slightly affected</li><li>European natural gas market showing signs of rebound in industrial demand, with companies reporting higher demand in key countries like France and Germany</li><li>Weather forecasts and production reductions in the Lower 48 indicating potential for lower prices for longer in the natural gas market</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

US natural gas market seeing production reduction by Chesapeake, but overall storage trajectory only slightly affectedEuropean natural gas market showing signs of rebound in industrial demand, with companies reporting higher demand in key countries like France and GermanyWeather forecasts and production reductions in the Lower 48 indicating potential for lower prices for longer in the natural gas marketThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global Commodities: Learnings from Earnings: One US gas producer steps up; European industrial de...

United States

Expand Energy Corporation operates as an exploration company. The Company focuses on discovering, developing, and acquiring conventional and unconventional natural gas, oil, and natural gas liquids reserves. Expand Energy serves customers in the United States.

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Expand Energy (EXE US)

[Quiddity Index Jan25] S&P500/600 Mar25 Rebal: Multiple Intra-Review Changes Possible

Q1 has a bunch of deals nearing completion. We could see a couple of intra-review changes before the announcement of the March rebal. I expect we...

Travis Lundy

Buy the Pullback Again; S&P 500, Nasdaq 100, Russell 2000 Testing Confluence of Support

Buy the Pullback Again, Same as Our Election Day Report; S&P 500 $SPX, Nasdaq 100 $QQQ, Russell 2000 $IWM Testing Confluence of Support at 20-day...

Vermilion Research

Chesapeake Energy Corporation: Initiation Of Coverage - What Is Their Deferred Production Strategy and Market Responsiveness? - Major Drivers

Chesapeake Energy Corporation's second quarter 2024 earnings underscore a strategic balance between operational efficiency and financial...

Baptista Research

How Are Gas Operators Navigating the Difficult Gas Environment in 2024?

Operators in gas basins are cutting capital spending due to weak prices, with production levels decreasing and gas storage levels above average,...

Commodities Focus

Global Commodities: Learnings from Earnings: One US gas producer steps up; European industrial de...

The US natural gas market faces changes with Chesapeake deferring production, leading to lower prices and reduced storage levels by October, while...

At Any Rate

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