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>McKesson Corporation's second quarter fiscal 2026 earnings report demonstrates both impressive financial performance and strategic alignment with growth-oriented market segments.</li><li>Consolidated revenues increased 10% year-over-year to $103 billion, and adjusted earnings per diluted share grew by 39% to $9.86, showcasing the company's ability to sustain momentum and effectively execute its strategic priorities.</li><li>In response to this robust performance, McKesson raised its annual guidance for adjusted earnings per diluted share to $38.35-$38.85.</li></ul>

McKesson Corporation's second quarter fiscal 2026 earnings report demonstrates both impressive financial performance and strategic alignment with growth-oriented market segments.Consolidated revenues increased 10% year-over-year to $103 billion, and adjusted earnings per diluted share grew by 39% to $9.86, showcasing the company's ability to sustain momentum and effectively execute its strategic priorities.In response to this robust performance, McKesson raised its annual guidance for adjusted earnings per diluted share to $38.35-$38.85.

McKesson Corporation: How Are They Benefitting From The GLP-1 Demand Tailwinds?

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 are shifting our near-term outlook to neutral on the S&amp;P 500 (SPX), after being bullish for all but one week since 4/22/25 (we went neutral 11/19/25-11/25/25).</li>
<li>Choppy consolidation has continued between support at 6780-6824 and resistance at 7000, and a neutral near-term outlook is appropriate until there is a decisive break in either direction.</li>
<li>We intended to wait for SPX to break below 6780 to downgrade our near-term outlook, continued deterioration in market dynamics suggests a breakout above 7000 is unlikely</li>
</ul>


We are shifting our near-term outlook to neutral on the S&amp;P 500 (SPX), after being bullish for all but one week since 4/22/25 (we went neutral 11/19/25-11/25/25).
Choppy consolidation has continued between support at 6780-6824 and resistance at 7000, and a neutral near-term outlook is appropriate until there is a decisive break in either direction.
We intended to wait for SPX to break below 6780 to downgrade our near-term outlook, continued deterioration in market dynamics suggests a breakout above 7000 is unlikely


Shifting to Neutral Near-Term as Chop Continues; Market Dynamics Deteriorating: HY Spreads, DXY, Etc

NASDAQ Composite Index / Technical Analysis

<ul>
<li>Following last week's pullback, a consistent theme we are seeing is that many broad market indexes and Sector ETFs are holding above (and bouncing at) major base supports.</li>
<li>As long as these base supports continue to hold, it tells us this is likely just a normal pullback within the overall bullish trend.</li>
<li>Important supports that we need to see hold in order to remain bullish include 4600 on the S&amp;P 500 and 14,400 on the Nasdaq Composite.</li>
</ul>


Following last week's pullback, a consistent theme we are seeing is that many broad market indexes and Sector ETFs are holding above (and bouncing at) major base supports.
As long as these base supports continue to hold, it tells us this is likely just a normal pullback within the overall bullish trend.
Important supports that we need to see hold in order to remain bullish include 4600 on the S&amp;P 500 and 14,400 on the Nasdaq Composite.


Major Base Supports Holding; DXY Testing the 2-Month Downtrend; 4600 on SPX Remains Key Support

Market Intelligence, ORTEX

ORTEX Market Intel

Market Intelligence

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

<ul><li>The week of August 17 was defined by extreme short-side stress in small caps.</li><li>ENRD saw the most violent move - short interest exploded 416% in a single week as borrow costs hit an all-time record.</li><li>Elsewhere, MAIR shorts surged 69% amid analyst target cuts, and convergence signals fired across more than two dozen names from regional banks to defence.</li></ul>

The week of August 17 was defined by extreme short-side stress in small caps.ENRD saw the most violent move - short interest exploded 416% in a single week as borrow costs hit an all-time record.Elsewhere, MAIR shorts surged 69% amid analyst target cuts, and convergence signals fired across more than two dozen names from regional banks to defence.

Short Sellers Strike: ENRD Borrow Hits 351%, MAIR Up 69%

<ul>
<li>Expectations since late-September remain unchanged; if $SPX is above 4165-4200/200-day MA, we're bullish, as most signs point to this being a normal pullback within the ongoing bullish trend in SPX.</li>
<li>As discussed last week (10/11/23), we have growing confidence that lows are likely in on the SPX, which made a low at 4216 (with 4200 hit exactly overnight 10/4/23).</li>
<li>We also discussed Russell 2000 breadth bottoming last week, and this has continued with bullish breadth divergences on Russell 2000 % of stocks above their 50- and 200-day MAs</li>
</ul>


Expectations since late-September remain unchanged; if $SPX is above 4165-4200/200-day MA, we're bullish, as most signs point to this being a normal pullback within the ongoing bullish trend in SPX.
As discussed last week (10/11/23), we have growing confidence that lows are likely in on the SPX, which made a low at 4216 (with 4200 hit exactly overnight 10/4/23).
We also discussed Russell 2000 breadth bottoming last week, and this has continued with bullish breadth divergences on Russell 2000 % of stocks above their 50- and 200-day MAs


Russell 2000 With Bullish Breadth Divergences; Buys in Insurance and Health Care Distributors

United States

McKesson Corporation distributes pharmaceuticals, medical-surgical supplies, and health and beauty care products throughout North America. The Company also develops, implements, and supports software that facilitates the integration of data throughout the health enterprise.  In addition, McKesson offers analytic, care management, and patient solutions for payers.

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Mckesson Corp (MCK US)

McKesson Corporation: How Are They Benefitting From The GLP-1 Demand Tailwinds?

McKesson Corporation's second quarter fiscal 2026 earnings report demonstrates both impressive financial performance and strategic alignment with...

Baptista Research

Shifting to Neutral Near-Term as Chop Continues; Market Dynamics Deteriorating: HY Spreads, DXY, Etc

Shifting to Neutral Near-Term as Chop Continues; Market Dynamics Deteriorating: HY Spreads, MOVE index, DXY, Commodities All Rising $DJP $USO $UGA....

Vermilion Research

Major Base Supports Holding; DXY Testing the 2-Month Downtrend; 4600 on SPX Remains Key Support

A consistent theme we are seeing is that many broad market indexes and Sector ETFs are holding above (and bouncing at) major base supports...

Vermilion Research

Short Sellers Strike: ENRD Borrow Hits 351%, MAIR Up 69%

The week of August 17 was defined by extreme short-side stress in small caps. ENRD saw the most violent move - short interest exploded 416% in a...

ORTEX Market Intel

Russell 2000 With Bullish Breadth Divergences; Buys in Insurance and Health Care Distributors

Our view since late Sept remains unchanged: if $SPX is above 4165-4200 and the 200-day MA, we are bullish, as most signs point to this being a...

Vermilion Research

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