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

Thematic (Sector/Industry)

<ul><li>WTR Sustainable Index: During the week ended January 20, 2023, the WTR Sustainable Index outperformed the broader market, rising 3.3% W/W versus the S&amp;P 500 Index (down 0.7%), the Russell 2000 Index (down 1.0%), and the Nasdaq Composite Index (up 0.6%).</li><li>Advanced Transportation Solutions (63% of the index) drove the outperformance, rising 6.4% , while Energy Technology (11% of index) was down 1.5% and Industrial Climate and Ag Technology was down 1.6%.</li><li>Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 24.3x versus 17.9x for the S&amp;P 500.</li></ul>

WTR Sustainable Index: During the week ended January 20, 2023, the WTR Sustainable Index outperformed the broader market, rising 3.3% W/W versus the S&amp;P 500 Index (down 0.7%), the Russell 2000 Index (down 1.0%), and the Nasdaq Composite Index (up 0.6%).Advanced Transportation Solutions (63% of the index) drove the outperformance, rising 6.4% , while Energy Technology (11% of index) was down 1.5% and Industrial Climate and Ag Technology was down 1.6%.Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 24.3x versus 17.9x for the S&amp;P 500.

Weekly Sustainable Investing Surveyor: Week Ended January 20, 2023

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.

Equity Derivatives

<ul><li>Options sentiment fractured this week.</li><li>Defensive hedging dominated in healthcare and real estate names, while clean energy attracted a rare burst of pure bullish call flow.</li><li>The week's most striking signals came from opposite ends of the put-call spectrum, with several names printing z-scores above 4.0.</li></ul>

Options sentiment fractured this week.Defensive hedging dominated in healthcare and real estate names, while clean energy attracted a rare burst of pure bullish call flow.The week's most striking signals came from opposite ends of the put-call spectrum, with several names printing z-scores above 4.0.

Options Weekly: Bears and Bulls Clash as REIT Options Flash Extremes

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

<p>In last week's <em>Compass</em> we highlighted what we view as compelling signals that risk appetites are improving, which is bullish for the broad market. The trend of improving risk appetites has only continued over the past week and we are moving toward an outright bullish outlook.</p>

In last week's Compass we highlighted what we view as compelling signals that risk appetites are improving, which is bullish for the broad market. The trend of improving risk appetites has only continued over the past week and we are moving toward an outright bullish outlook.

U.S. Equity Strategy: Small-Caps Re-Emerging As Leadership

Managing Director

Elan Gore

TMI Data Science

TMI Data Science utilizes Natural Language Processing to build custom leading indicators using unstructured data sourced from the global financial, trade & traditional media.  Our proprietary software, TMI Machine, is a text-mining platform designed with the buy-side & capital markets professional in mind, text-mining the global media to discern and quantify nuanced qualitative shifts in press coverage as they apply to macroeconomics, equity indexes/ETFs, commodities, currencies, fixed income & individual equities.  TMI provides custom leading indicators and systematic trading strategies, operating at the nexus of linguistics & statistics drawing on vast experience in investment banking and hedge fund settings in senior quantitative and fundamental roles.  

TMI Data Science was founded by Elan Gore, an award-winning Senior Global Basic Materials Equity Analyst & China Economist with 15 years of experience in North American hedge funds & institutional managers; and Alessandro Porrino, Ph.D., an Algorithmic Trading Analyst and Programmer with 10 years of front-office experience ranging from complex FX option pricing to auto-hedging strategies at Bank of America Merrill Lynch and Standard Chartered.  Mr. Gore holds an MBA in Finance from New York University Stern School of Business, and Mr. Porrino holds a Ph.D. in Systems Engineering from Brunel University London.

Cross Asset Strategy

<ul>
<li>Our US Defense Composite Indicator is showing signs of bottoming following pre-election uncertainty; the indicator is strongly correlated with defense prime equity relative returns</li>
<li>The momentum of decline was arrested immediately post-elections as "Blue Wave" predictions failed to materialize, followed on by Biden's announcement of a relatively hawkish Pentagon transition team</li>
<li>Cyclical rotation and an October lull in Department of Defense contracting may have magnified the negative trend, but incoming data suggests the worst may be over</li>
<li>In October, our Hydrogen Economy Sentiment Indicator took a hit as the Nikola (NKLA) scandal unfolded and the GM/NKLA partnership was in doubt</li>
<li>Following some volatility in key hydrogen economy equities, our indicator surged in the MTD on a barrage of positive news flow from multiple auto &amp; truck players, as well as hydrogen infrastructure news; though "Blue Wave" expectations of a supercharged renewables push were initially questioned, the theme resumed its rally in November </li>
</ul><div class="content-highlight"><p>TMI Data Science utilizes Natural Language Processing to build custom leading indicators using unstructured data sourced from the global financial, trade &amp; traditional media. Our proprietary software text-mines the global media to discern and quantify nuanced qualitative shifts in press coverage as they apply to macroeconomics, equity indexes/ETFs, commodities, currencies, fixed income &amp; individual equities. </p></div>


Our US Defense Composite Indicator is showing signs of bottoming following pre-election uncertainty; the indicator is strongly correlated with defense prime equity relative returns
The momentum of decline was arrested immediately post-elections as "Blue Wave" predictions failed to materialize, followed on by Biden's announcement of a relatively hawkish Pentagon transition team
Cyclical rotation and an October lull in Department of Defense contracting may have magnified the negative trend, but incoming data suggests the worst may be over
In October, our Hydrogen Economy Sentiment Indicator took a hit as the Nikola (NKLA) scandal unfolded and the GM/NKLA partnership was in doubt
Following some volatility in key hydrogen economy equities, our indicator surged in the MTD on a barrage of positive news flow from multiple auto &amp; truck players, as well as hydrogen infrastructure news; though "Blue Wave" expectations of a supercharged renewables push were initially questioned, the theme resumed its rally in November 
TMI Data Science utilizes Natural Language Processing to build custom leading indicators using unstructured data sourced from the global financial, trade &amp; traditional media. Our proprietary software text-mines the global media to discern and quantify nuanced qualitative shifts in press coverage as they apply to macroeconomics, equity indexes/ETFs, commodities, currencies, fixed income &amp; individual equities. 

TMI Snapshots: US Defense Equity Sentiment Bottoming; Hydrogen Economy Sentiment Surges Again

<p>mportant price support levels previously highlighted have held strong, including the 3200-3230 level on the S&amp;P 500, 10,855 on the Nasdaq 100, and $145/the 200-day MA on the Russell 2000 (IWM). Additionally, both the S&amp;P 500 and Nasdaq 100 are breaking out from their bullish falling wedge patterns that have been taking shape since the early-September highs. These bullish inflections are encouraging and, combined with market dynamics which remain mostly healthy, lead us to believe the lows of this recent correction are likely in.  In today’s report we highlight attractive Groups and stocks within Consumer Discretionary &amp; Technology: Casinos &amp; Gaming, Small-Cap, Solar Energy, Fuel Cells/Lithium Batteries, and Software, Customer Relationship Mgt.</p>

mportant price support levels previously highlighted have held strong, including the 3200-3230 level on the S&amp;P 500, 10,855 on the Nasdaq 100, and $145/the 200-day MA on the Russell 2000 (IWM). Additionally, both the S&amp;P 500 and Nasdaq 100 are breaking out from their bullish falling wedge patterns that have been taking shape since the early-September highs. These bullish inflections are encouraging and, combined with market dynamics which remain mostly healthy, lead us to believe the lows of this recent correction are likely in.  In today’s report we highlight attractive Groups and stocks within Consumer Discretionary &amp; Technology: Casinos &amp; Gaming, Small-Cap, Solar Energy, Fuel Cells/Lithium Batteries, and Software, Customer Relationship Mgt.

United States

Plug Power, Inc. designs, develops, manufactures and commercializes fuel cell systems for electric lift trucks and materials handling equipment.  The Company offers its products globally to retail, grocery, and institutional food distribution centers as well as manufacturing facilities.

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Plug Power Inc (PLUG US)

Weekly Sustainable Investing Surveyor: Week Ended January 20, 2023

During the week ended January 20, 2023, the WTR Sustainable Index outperformed the broader market, rising 3.3% W/W versus the S&P 500 Index (down...

Water Tower Research

Options Weekly: Bears and Bulls Clash as REIT Options Flash Extremes

Options sentiment fractured this week. Defensive hedging dominated in healthcare and real estate names, while clean energy attracted a rare burst...

ORTEX Market Intel

U.S. Equity Strategy: Small-Caps Re-Emerging As Leadership

We continue to see compelling signals that suggest risk appetites are improving, which is bullish for the broad market. As a result, we are moving...

Vermilion Research

TMI Snapshots: US Defense Equity Sentiment Bottoming; Hydrogen Economy Sentiment Surges Again

We see clear signs of a bottom forming in US defense equities with a split government and hawkish Biden Pentagon transition team. In addition, our...

Elan Gore

U.S. Equity Strategy: Correction Over?

In today’s report we highlight attractive Groups and stocks within Consumer Discretionary & Technology: CD-24 Casinos & Gaming, Small-Cap,...

Vermilion Research

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