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 bullish outlook (since early-November 2023) remains intact. Few things are more bullish than indexes (SPX, NDX) breaking out to all-time highs following a major correction we had in 2022</li>
<li>Last week (5/21/24) we discussed how it is a very bullish sign that there have been three upside gaps in May on the S&amp;P 500, with all gaps left unfilled.</li>
<li>Important short-term gap supports we are watching on SPX include 5250-5263, 5127-5142, and 5073-5101; so far 5250-5263 support has held. Also downgrading Industrials (XLI) to market weight</li>
</ul>


Our bullish outlook (since early-November 2023) remains intact. Few things are more bullish than indexes (SPX, NDX) breaking out to all-time highs following a major correction we had in 2022
Last week (5/21/24) we discussed how it is a very bullish sign that there have been three upside gaps in May on the S&amp;P 500, with all gaps left unfilled.
Important short-term gap supports we are watching on SPX include 5250-5263, 5127-5142, and 5073-5101; so far 5250-5263 support has held. Also downgrading Industrials (XLI) to market weight


Downgrading Manufacturing (XLI) To Market Weight; Shift to Overweight Growth; 5250-5263 SPX Holding

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>Generac Holdings, Inc., in its second quarter of 2025 earnings call, reported net sales of $1.06 billion, marking a 6% increase compared to the prior year.</li><li>The growth was driven by a rise in commercial and industrial (C&I) product sales and residential energy storage system shipments.</li><li>Residential product sales increased by 7% due to notable growth in residential energy technology solutions and portable generators.</li></ul>

Generac Holdings, Inc., in its second quarter of 2025 earnings call, reported net sales of $1.06 billion, marking a 6% increase compared to the prior year.The growth was driven by a rise in commercial and industrial (C&I) product sales and residential energy storage system shipments.Residential product sales increased by 7% due to notable growth in residential energy technology solutions and portable generators.

Generac Holdings’ Capacity Expansion Plan – Smart Move or Risky Bet on Future Demand?

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

<ul><li>Last week, the WTR Sustainable Index was down 5.7% W/W versus the S&amp;P 500 Index (down 2.4%), the Russell 2000 Index (down 4.2%), and the Nasdaq Index (down 2.2%).</li><li>Energy Technology (40% of the index) was down 5.2%, while Transportation Solutions (33% of the index) was down 5.0%, Climate Tech and Clean Tech (20% of the index) was down 4.2%, and Climate Tech Mining and Processing (7% of the index) was down 17.3%.</li><li>Top 10 Performers: NXHSF, LISMF, KARX, AMSC, GNRC, AWLIF, NWTN, TPCS, CPSH, GRDAF</li></ul>

Last week, the WTR Sustainable Index was down 5.7% W/W versus the S&amp;P 500 Index (down 2.4%), the Russell 2000 Index (down 4.2%), and the Nasdaq Index (down 2.2%).Energy Technology (40% of the index) was down 5.2%, while Transportation Solutions (33% of the index) was down 5.0%, Climate Tech and Clean Tech (20% of the index) was down 4.2%, and Climate Tech Mining and Processing (7% of the index) was down 17.3%.Top 10 Performers: NXHSF, LISMF, KARX, AMSC, GNRC, AWLIF, NWTN, TPCS, CPSH, GRDAF

Sustainable Investing Surveyor Focus on NextDecade (NEXT) - August 4, 2025

<ul><li>Generac Holdings Inc. reported third-quarter 2024 results, reflecting robust overall performance amidst increased demand due to power outages.</li><li>The company experienced a substantial rise in sales and profits, primarily driven by strong demand for residential products such as home standby and portable generators.</li><li>Third quarter net sales increased by approximately 10% year-over-year, reaching $1.2 billion, largely due to heightened power outage activity from hurricanes, which also prompted a raised outlook for the year.</li></ul>

Generac Holdings Inc. reported third-quarter 2024 results, reflecting robust overall performance amidst increased demand due to power outages.The company experienced a substantial rise in sales and profits, primarily driven by strong demand for residential products such as home standby and portable generators.Third quarter net sales increased by approximately 10% year-over-year, reaching $1.2 billion, largely due to heightened power outage activity from hurricanes, which also prompted a raised outlook for the year.

Generac Holdings Inc.: Innovation & Ecosystem Integration As A Critical Factor Driving Growth! - Major Drivers

<ul><li>Generac Holdings Inc. reported its financial results for the second quarter of 2024, presenting both strengths and weaknesses in its performance.</li><li>The company saw a near-flat year-over-year net sales at $998 million, with residential product sales increasing by 8%.</li><li>This growth in the residential sector was primarily driven by a midteens rate increase in home standby generator shipments.</li></ul>

Generac Holdings Inc. reported its financial results for the second quarter of 2024, presenting both strengths and weaknesses in its performance.The company saw a near-flat year-over-year net sales at $998 million, with residential product sales increasing by 8%.This growth in the residential sector was primarily driven by a midteens rate increase in home standby generator shipments.

Generac Holdings Inc.: Acquisition of Ageto for Strengthening of Microgrid Control & Energy Solutions & Other Major Drivers

United States

Generac Holdings, Inc. manufactures automatic, stationary standby and portable generators.  The Company's generators serve the residential, commercial, industrial and telecommunications markets.

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Generac Holdings (GNRC US)

Downgrading Manufacturing (XLI) To Market Weight; Shift to Overweight Growth; 5250-5263 SPX Holding

Downgrading Manufacturing $XLI to Market Weight; Shift to Overweight Growth $IWF; Three May $SPX Upside Gaps Unfilled = Bullish; Expect supports at...

Vermilion Research

Generac Holdings’ Capacity Expansion Plan – Smart Move or Risky Bet on Future Demand?

Generac Holdings, Inc., in its second quarter of 2025 earnings call, reported net sales of $1.06 billion, marking a 6% increase compared to the...

Baptista Research

Sustainable Investing Surveyor Focus on NextDecade (NEXT) - August 4, 2025

Last week, the WTR Sustainable Index was down 5.7% W/W versus the S&P 500 Index (down 2.4%), the Russell 2000 Index (down 4.2%), and the Nasdaq...

Water Tower Research

Generac Holdings Inc.: Innovation & Ecosystem Integration As A Critical Factor Driving Growth! - Major Drivers

Generac Holdings Inc. reported third-quarter 2024 results, reflecting robust overall performance amidst increased demand due to power outages. The...

Baptista Research

Generac Holdings Inc.: Acquisition of Ageto for Strengthening of Microgrid Control & Energy Solutions & Other Major Drivers

Generac Holdings Inc. reported its financial results for the second quarter of 2024, presenting both strengths and weaknesses in its...

Baptista Research

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