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>Pacific Gas and Electric Corporation (PG&amp;E) reported its second-quarter financial results for 2025, showcasing solid execution but facing some timing challenges affecting its earnings trajectory.</li>
<li>The results were broadly in line with internal expectations, with a core earnings per share of $0.31 for the second quarter and $0.54 for the first half.</li>
<li>Despite this, PG&amp;E reaffirmed its full-year guidance range of $1.48 to $1.52, indicating stability and adherence to its strategic plans.</li>
</ul>


Pacific Gas and Electric Corporation (PG&amp;E) reported its second-quarter financial results for 2025, showcasing solid execution but facing some timing challenges affecting its earnings trajectory.
The results were broadly in line with internal expectations, with a core earnings per share of $0.31 for the second quarter and $0.54 for the first half.
Despite this, PG&amp;E reaffirmed its full-year guidance range of $1.48 to $1.52, indicating stability and adherence to its strategic plans.


Pacific Gas and Electric: Here Are the 7 Key Drivers Shaping Its Performance for 2025 & Beyond!

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>Price action on SPX is extremely similar to prior major topping patterns in April 2000 and August 2007, which is why we recommended reducing risk near 5670-5783 last week.</li>
<li>Additional similarities to 2000/2007 (other than price action) include the Fed cutting rates, recession indicators such as the Sahm rule and Schannep Recession Indicator (SRI) triggered, and yield curve un-inverting.</li>
<li>SPX resistance is in the 5670-5783 range; if a major top is happening, that is where it would start from (using the 2000 and 2007 tops as comparisons).</li>
</ul>


Price action on SPX is extremely similar to prior major topping patterns in April 2000 and August 2007, which is why we recommended reducing risk near 5670-5783 last week.
Additional similarities to 2000/2007 (other than price action) include the Fed cutting rates, recession indicators such as the Sahm rule and Schannep Recession Indicator (SRI) triggered, and yield curve un-inverting.
SPX resistance is in the 5670-5783 range; if a major top is happening, that is where it would start from (using the 2000 and 2007 tops as comparisons).


Recessionary Signals as SPX Tests Resistance; Downgrading Energy to Underweight

<ul>
<li>The SPX is back near YTD highs and testing resistance in the 5670-5783 range, and we view this as an ideal time to reduce risk and shift to defensives.</li>
<li>We continue to believe that the SPX and Nasdaq 100 (QQQ) are going through a 1- to 4-month pullback/consolidation that could end up being a topping pattern.</li>
<li>After laying out expectations in our 8/13/24 Compass report for a bounce and test of YTD highs, we now expect SPX to roll over near current levels </li>
</ul>


The SPX is back near YTD highs and testing resistance in the 5670-5783 range, and we view this as an ideal time to reduce risk and shift to defensives.
We continue to believe that the SPX and Nasdaq 100 (QQQ) are going through a 1- to 4-month pullback/consolidation that could end up being a topping pattern.
After laying out expectations in our 8/13/24 Compass report for a bounce and test of YTD highs, we now expect SPX to roll over near current levels 


Upgrading Utilities to Overweight; Expecting $SPX to Roll Over; NVDA and SMH Topping?

<ul>
<li>PG&amp;E Corporation reported its First Quarter 2024 results announcing a solid performance with a core earnings per share of $0.37 and reaffirmed its 2024 guidance ranging from $1.33 to $1.37.</li>
<li>This represents a minimum 10% increase from the previous year.</li>
<li>The corporation also maintained its long-term growth projection of at least 9% annually through 2028.</li>
</ul>


PG&amp;E Corporation reported its First Quarter 2024 results announcing a solid performance with a core earnings per share of $0.37 and reaffirmed its 2024 guidance ranging from $1.33 to $1.37.
This represents a minimum 10% increase from the previous year.
The corporation also maintained its long-term growth projection of at least 9% annually through 2028.


<ul>
<li>Indexes continue to violate our key supports as the Russell 2000 (IWM) broke below $208, the S&amp;P 500 broke below 4495, and the equal-weighted Nasdaq 100 (QQEW) broke below $109.</li>
<li>This type of damage paints a bearish picture at the index level, and will take some time to repair.</li>
<li>Now that key supports have been violated, we are monitoring for oversold conditions that could mark a bottom, and it is possible that was yesterday (Jan. 24).</li>
</ul>


Indexes continue to violate our key supports as the Russell 2000 (IWM) broke below $208, the S&amp;P 500 broke below 4495, and the equal-weighted Nasdaq 100 (QQEW) broke below $109.
This type of damage paints a bearish picture at the index level, and will take some time to repair.
Now that key supports have been violated, we are monitoring for oversold conditions that could mark a bottom, and it is possible that was yesterday (Jan. 24).


U.S. Equity Strategy: Index Supports Breaking; Upgrading and Buying Utilities

United States

PG&E Corporation is a holding company that holds interests in energy based businesses.  The Company's holdings include a public utility operating in northern and central California that provides electricity and natural gas distribution; electricity generation, procurement, and transmission; and natural gas procurement, transportation, and storage.

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P G & E Corp (PCG US)

Pacific Gas and Electric: Here Are the 7 Key Drivers Shaping Its Performance for 2025 & Beyond!

Pacific Gas and Electric Corporation (PG&E) reported its second-quarter financial results for 2025, showcasing solid execution but facing some...

Baptista Research

Recessionary Signals as SPX Tests Resistance; Downgrading Energy to Underweight

Recessionary Signals as $SPX Tests Resistance; Downgrading Energy $XLE to Underweight; WTI Crude Oil Breakdown. Still expecting more downside. $XLB...

Vermilion Research

Upgrading Utilities to Overweight; Expecting $SPX to Roll Over; NVDA and SMH Topping?

Upgrading Utilities $XLU to Overweight; Many Indexes Testing Resistance $SPX $DJI $IJH $IWM $XRT $EEM; Expecting SPX to Roll Over; $NVDA and $SMH...

Vermilion Research

PG&E Corporation: Initiation of Coverage

PG&E Corporation reported its First Quarter 2024 results announcing a solid performance with a core earnings per share of $0.37 and reaffirmed its...

Baptista Research

U.S. Equity Strategy: Index Supports Breaking; Upgrading and Buying Utilities

Indexes continue to violate our key supports on the Russell 2000 (IWM), the S&P 500, and the equal-weighted Nasdaq 100 (QQEW). Most opportunities...

Vermilion Research

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