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>Flex Ltd. recently reported its second quarter fiscal 2026 earnings, highlighting both favorable outcomes and areas of concern.</li><li>The company reported a 4% year-over-year increase in revenue, reaching $6.8 billion, solidifying momentum across its business segments.</li><li>Flex Ltd.'s operating margin held steady at an impressive 6%, with an adjusted EPS of $0.79, marking a 23% increase from the previous year.</li></ul>

Flex Ltd. recently reported its second quarter fiscal 2026 earnings, highlighting both favorable outcomes and areas of concern.The company reported a 4% year-over-year increase in revenue, reaching $6.8 billion, solidifying momentum across its business segments.Flex Ltd.'s operating margin held steady at an impressive 6%, with an adjusted EPS of $0.79, marking a 23% increase from the previous year.

Flex Ltd: Medical Devices & Health Solutions Expansion & Critical Growth Catalysts!

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 Nasdaq 100 index tracks the 100 largest names listed on the Nasdaq Stock Exchange.</li>
<li>We expect no changes for the September 2026 index rebal event, though SpaceX's free-float increase should still drive roughly US$13bn of one-way flow.</li>
<li>We expect three ADDs and four DELs at the December 2026 annual reconstitution, with DELs necessarily exceeding ADDs by one to bring member count back to 100.</li>
</ul>


The Nasdaq 100 index tracks the 100 largest names listed on the Nasdaq Stock Exchange.
We expect no changes for the September 2026 index rebal event, though SpaceX's free-float increase should still drive roughly US$13bn of one-way flow.
We expect three ADDs and four DELs at the December 2026 annual reconstitution, with DELs necessarily exceeding ADDs by one to bring member count back to 100.


Quiddity Leaderboard Nasdaq100 Sep26 Rebal: Still No Changes in September

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>We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 6028-6059.</li>
<li>Shorter-Term, the SPX violated its 3.5-month uptrend yesterday, but managed to rally back to the breakdown level by yesterday's close. </li>
<li>We would not yet call this a decisive breakdown, and we are on the lookout for a potential reclaim back above this uptrend at the 6425-3430 level. Or consolidation?</li>
</ul>


We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 6028-6059.
Shorter-Term, the SPX violated its 3.5-month uptrend yesterday, but managed to rally back to the breakdown level by yesterday's close. 
We would not yet call this a decisive breakdown, and we are on the lookout for a potential reclaim back above this uptrend at the 6425-3430 level. Or consolidation?


Downgrading Staples to Underweight; New Leaders Still Leading As Prior Leaders Consolidate

<ul>
<li>The SPX, Nasdaq 100 (QQQ), and Russell 2000 (IWM) continue to hold above short-term support at their respective 20-day MAs (currently 5966 on SPX, $526.50 on QQQ, $208.75 on IWM)</li>
<li>As long as 20-day MA supports hold, our near-term bullish outlook that we have had since our 4/22/25 Compass remains intact.</li>
<li>We will need to see breakdowns below 20-day MA supports in order to expect any meaningful near-term downside.</li>
</ul>


The SPX, Nasdaq 100 (QQQ), and Russell 2000 (IWM) continue to hold above short-term support at their respective 20-day MAs (currently 5966 on SPX, $526.50 on QQQ, $208.75 on IWM)
As long as 20-day MA supports hold, our near-term bullish outlook that we have had since our 4/22/25 Compass remains intact.
We will need to see breakdowns below 20-day MA supports in order to expect any meaningful near-term downside.


20-Day MA Supports Holding on SPX, QQQ, IWM; Bullish Outlook Intact

<ul>
<li>Our outlook remains bullish, and since late-December we have been suggesting to use the pullback as a buying opportunity.</li>
<li>Most recent/highest conviction "buy-the-dip" call came last week (1/14/25) amid all major indexes testing supports (SPX, QQQ, DJI, IJH, VXF, IWM, ARKK, SMH), bullish breadth divergences, other ongoing bullish signals.</li>
<li>Those dip buys are finally paying off, with all these indexes breaking out from 1+month consolidations. The SPX has gapped-up on four of past five trading days, indicating significant strength</li>
</ul>


Our outlook remains bullish, and since late-December we have been suggesting to use the pullback as a buying opportunity.
Most recent/highest conviction "buy-the-dip" call came last week (1/14/25) amid all major indexes testing supports (SPX, QQQ, DJI, IJH, VXF, IWM, ARKK, SMH), bullish breadth divergences, other ongoing bullish signals.
Those dip buys are finally paying off, with all these indexes breaking out from 1+month consolidations. The SPX has gapped-up on four of past five trading days, indicating significant strength


Local Tops for 10-Year Treasury Yield, DXY, and Crude Oil; All Major Indexes Breaking Out. Bullish

United States

Flex Ltd. operates as an electronics manufacturing services company. The Company designs and develops original design manufacturing (ODM) products for aerospace and defense, cloud, digital health, lighting, housing, energy, industrial, and communication industries. Flex serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Flex (FLEX US)

Flex Ltd: Medical Devices & Health Solutions Expansion & Critical Growth Catalysts!

Flex Ltd. recently reported its second quarter fiscal 2026 earnings, highlighting both favorable outcomes and areas of concern. The company...

Baptista Research

Quiddity Leaderboard Nasdaq100 Sep26 Rebal: Still No Changes in September

Paramount Skydance (PSKY US) will move its listing to the NYSE on 6 October 2026, and following its 21 September settlement, its acquisition of WBD...

Anjana Amarasuriya

Downgrading Staples to Underweight; New Leaders Still Leading As Prior Leaders Consolidate

Downgrading Staples $XLP to Underweight; New Leaders Still Leading While Prior Leaders Consolidate; $SMH Above $280, 10-yr Treasury yield below key...

Vermilion Research

20-Day MA Supports Holding on SPX, QQQ, IWM; Bullish Outlook Intact

20-Day MA Supports Holding on $SPX, $QQQ, and $IWM. As long as 20-day MA supports hold, our near-term bullish outlook that we have had since our 4...

Vermilion Research

Local Tops for 10-Year Treasury Yield, DXY, and Crude Oil; All Major Indexes Breaking Out. Bullish

Local Tops for 10-Yr Treasury Yield $TNX, U.S. Dollar $DXY, & WTI Crude Oil $CL_F, Now Tailwinds for Equities; All Major Indexes We Discussed...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)