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>DeepSeek appears to have turned the chatbot market upside-down, putting pressure on AI-linked stocks. The dust has yet to settle, but the selloff has been largely contained to AI-linked stocks.</li>
<li>The rest of the market did not seem to care; the equal-weighted S&amp;P 500 was roughly flat yesterday.</li>
<li>Additionally, market dynamics remain healthy. Bottom line: as long as the S&amp;P 500 remains above 5600-5670, our long-term outlook remains bullish.</li>
</ul>


DeepSeek appears to have turned the chatbot market upside-down, putting pressure on AI-linked stocks. The dust has yet to settle, but the selloff has been largely contained to AI-linked stocks.
The rest of the market did not seem to care; the equal-weighted S&amp;P 500 was roughly flat yesterday.
Additionally, market dynamics remain healthy. Bottom line: as long as the S&amp;P 500 remains above 5600-5670, our long-term outlook remains bullish.


S&P 500 Testing Prior Breakout Level; Market Dynamics Remain Healthy Despite AI-Linked Weakness

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>Merit Medical Systems Inc. showcased robust fiscal progress in its second-quarter 2024 earnings.</li><li>The company witnessed total revenue growth of 5.6% on a GAAP basis and 6.6% on a constant currency basis, amounting to $338 million, exceeding the forecasted performance.</li><li>This growth was fueled by strong organic expansion and modest contributions from acquired products, with particularly notable performance in the Cardiovascular and Endoscopy segments.</li></ul>

Merit Medical Systems Inc. showcased robust fiscal progress in its second-quarter 2024 earnings.The company witnessed total revenue growth of 5.6% on a GAAP basis and 6.6% on a constant currency basis, amounting to $338 million, exceeding the forecasted performance.This growth was fueled by strong organic expansion and modest contributions from acquired products, with particularly notable performance in the Cardiovascular and Endoscopy segments.

Merit Medical Systems: The Story Of Its Expanding Global Footprint & Critical Acquisitions! - Major Drivers

<ul><li>Merit Medical Systems experienced a robust first quarter in fiscal year 2024, exhibiting revenue growth of 8.7% year-over-year on a GAAP basis and 9.3% on a constant currency basis, resulting in total revenue of $323.5 million.</li><li>This performance exceeded the company's initial projections, primarily driven by solid organic growth and contributions from acquired products.</li><li>Specifically, the Cardiovascular segment spearheaded this upward trend with a 9% increase, complemented by a 6% uptick in the Endoscopy segment.</li></ul>

Merit Medical Systems experienced a robust first quarter in fiscal year 2024, exhibiting revenue growth of 8.7% year-over-year on a GAAP basis and 9.3% on a constant currency basis, resulting in total revenue of $323.5 million.This performance exceeded the company's initial projections, primarily driven by solid organic growth and contributions from acquired products.Specifically, the Cardiovascular segment spearheaded this upward trend with a 9% increase, complemented by a 6% uptick in the Endoscopy segment.

Merit Medical Systems Inc.: FDA Approval & Commercial Strategy for WRAPSODY & Other Major Drivers

<ul><li>Merit Medical Systems Inc, during its Fourth Quarter of Fiscal Year 2023 earnings, revealed relatively positive results.</li><li>The company reported a fourth quarter total revenue of $324.5 million, a 10.6% increase year-on-year.</li><li>The stronger-than-expected revenue growth was mainly driven by a robust organic growth across product categories and contributions from both U.S. and international markets.</li></ul>

Merit Medical Systems Inc, during its Fourth Quarter of Fiscal Year 2023 earnings, revealed relatively positive results.The company reported a fourth quarter total revenue of $324.5 million, a 10.6% increase year-on-year.The stronger-than-expected revenue growth was mainly driven by a robust organic growth across product categories and contributions from both U.S. and international markets.

Merit Medical Systems: Initiation Of Coverage - A Robust Pipeline & Exciting New Launches Paving The Way Forward! - Major Drivers

VanEck Gold Miners ETF/USA / Technical Analysis

<ul>
<li>The SPX made a high of 4169 last week, tagging our 4165-4200 resistance range. We still believe 4165-4200 will cap upside in 2023, with a reach to 4300-4325 also possible.</li>
<li>Considering limited upside in both scenarios, and with the seasonably weaker "sell in May and go away" period approaching, we continue to recommend higher allocations to defensives</li>
<li>This includes Utilities (XLU, RYU), Consumer Staples (XLP), Health Care (XLV, PPH), and gold miners (GDX).</li>
</ul>


The SPX made a high of 4169 last week, tagging our 4165-4200 resistance range. We still believe 4165-4200 will cap upside in 2023, with a reach to 4300-4325 also possible.
Considering limited upside in both scenarios, and with the seasonably weaker "sell in May and go away" period approaching, we continue to recommend higher allocations to defensives
This includes Utilities (XLU, RYU), Consumer Staples (XLP), Health Care (XLV, PPH), and gold miners (GDX).


"Sell in May" Another Reason to Be Defensive; Value to Lead?; Buys in Medical Devices, Footwear

United States

Merit Medical Systems, Inc. manufactures and markets products used in diagnostic and interventional cardiology and radiology procedures.  The Company's primary products include inflation devices, guide wires, thrombolytic catheters and fluid dispensing systems, and angiography accessories, among others.  Merit's products are sold worldwide.

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Merit Medical Systems (MMSI US)

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