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>The artificial intelligence revolution is reshaping the U.S. energy landscape, and Quanta Services is emerging as one of its key beneficiaries.</li><li>In Q2 2025, Quanta posted impressive results including double-digit revenue and earnings growth, a record $35.8 billion backlog, and raised its full-year guidance for revenue, adjusted EBITDA, and EPS.</li><li>These gains were underpinned by rising electricity demand as data centers and AI infrastructure proliferate nationwide.</li></ul>

The artificial intelligence revolution is reshaping the U.S. energy landscape, and Quanta Services is emerging as one of its key beneficiaries.In Q2 2025, Quanta posted impressive results including double-digit revenue and earnings growth, a record $35.8 billion backlog, and raised its full-year guidance for revenue, adjusted EBITDA, and EPS.These gains were underpinned by rising electricity demand as data centers and AI infrastructure proliferate nationwide.

Quanta Services Is Building The Backbone Of AI—Is Wall Street Catching On!

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 upgrading our outlook to bullish on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM). Market dynamics have improved considerably ever since major bullish false breakdowns...</li>
<li>...at 6480-6520 on the SPX, 24,000 on Nasdaq futures (NQ), and $245 on the IWM, with all of them now breaking out to all-time highs.</li>
<li>Everything we see suggests bulls remain in control, so we are buying any pullbacks for the foreseeable future to the 20-day MA or 21-day EMAs on SPX, QQQ, and IWM.</li>
</ul>


We are upgrading our outlook to bullish on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM). Market dynamics have improved considerably ever since major bullish false breakdowns...
...at 6480-6520 on the SPX, 24,000 on Nasdaq futures (NQ), and $245 on the IWM, with all of them now breaking out to all-time highs.
Everything we see suggests bulls remain in control, so we are buying any pullbacks for the foreseeable future to the 20-day MA or 21-day EMAs on SPX, QQQ, and IWM.


Upgrading Outlook to Bullish; Buy the Dips Market; Downgrading Staples to Market Weight

<ul>
<li>We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 6028-6059.</li>
<li>For now, we continue to expect support to show up at the 4-month uptrend, which generally coincides with the 20-day MA.</li>
<li>Speculative growth themes and metals/mining (GDX, XME) remain leadership, which we expect to continue through year-end and into the early part of 2026</li>
</ul>


We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 6028-6059.
For now, we continue to expect support to show up at the 4-month uptrend, which generally coincides with the 20-day MA.
Speculative growth themes and metals/mining (GDX, XME) remain leadership, which we expect to continue through year-end and into the early part of 2026


S&P 500 and Russell 2000 4+ Month Uptrends Intact; Stick With Growth Themes and Metals/Mining

Providing investors with a balanced perspective, Massif Capital

Massif Capital Research

Providing investors with a balanced perspective

Massif Capital

Research focused on providing investors with a balanced perspective on the environmental and economic realities of achieving a carbon-neutral economy for businesses within the Energy, Basic Materials and Industrial industries.

The Massif Capital Real Asset Strategy is a global long/short equity strategy built around bottom-up stock picking. We are focused on creating a portfolio of businesses from within the Energy, Basic Materials and Industrial sectors that balance the environmental and economic realities of achieving a carbon-neutral economy.

Commodities

<h3><strong>This Week's Key Take Aways</strong></h3>
<ul>
<li>Lithium stock run may already be out of steam</li>
<li>Like Oil, the Natural Gas markets appear well supplied and are showing near-term weakness.</li>
<li>No love for North American lumber</li>
<li>Copper continues to have us on edge, love the long-term story, but we have got to survive the short and medium term to get there.</li>
<li>Renewable tax credit qualification has a new physical work standard; the race is on to build.</li>
</ul>

This Week's Key Take Aways

Lithium stock run may already be out of steam
Like Oil, the Natural Gas markets appear well supplied and are showing near-term weakness.
No love for North American lumber
Copper continues to have us on edge, love the long-term story, but we have got to survive the short and medium term to get there.
Renewable tax credit qualification has a new physical work standard; the race is on to build.


Real Asset Chartbook Week #18: Lithium Blinks, Gas Slips, Copper Stalls—Who Survives the Grind?

iShares MSCI China ETF / Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
<li>Short-Term supports on the SPX include the 20-day MA (currently 6233), 6200, 6100-6150, and 6028-6059, with additional supports at 5804-5854 and 5700-5785. Buy pullbacks to these areas.</li>
<li>SPX has not closed below its 20-day MA for two months, but even when it does, all we would expect to happen is for a new, less-steep uptrend to form.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
Short-Term supports on the SPX include the 20-day MA (currently 6233), 6200, 6100-6150, and 6028-6059, with additional supports at 5804-5854 and 5700-5785. Buy pullbacks to these areas.
SPX has not closed below its 20-day MA for two months, but even when it does, all we would expect to happen is for a new, less-steep uptrend to form.


More Breakouts and Risk-On Developments; Monitoring Rotations: Miners, Retail, Lithium, China

United States

Quanta Services, Inc. provides specialized contracting services to electric utilities, telecommunication and cable television operators, and governmental entities.  The Company also installs transportation control and lighting systems and provides specialty electric power and communication services for industrial and commercial customers.  Quanta operates projects throughout North America.

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Quanta Services (PWR US)

Quanta Services Is Building The Backbone Of AI—Is Wall Street Catching On!

The artificial intelligence revolution is reshaping the U.S. energy landscape, and Quanta Services is emerging as one of its key beneficiaries. In...

Baptista Research

Upgrading Outlook to Bullish; Buy the Dips Market; Downgrading Staples to Market Weight

Upgrading Outlook to Bullish $SPX $QQQ $IWM $IJH; Buy the Dips Market; Downgrading Staples to Market Weight $XLP; Add to Growth and Technology $IWF...

Vermilion Research

S&P 500 and Russell 2000 4+ Month Uptrends Intact; Stick With Growth Themes and Metals/Mining

S&P 500 and Russell 2000 4+ Month Uptrends Intact; Stick With Growth Themes and Metals/Mining $GDX $XME $ARKG $ARKK $ARKQ $ARKX $ARKW $ARKF $GRAL...

Vermilion Research

Real Asset Chartbook Week #18: Lithium Blinks, Gas Slips, Copper Stalls—Who Survives the Grind?

This Week's Key Take Aways Lithium stock run may already be out of steam Like Oil, the Natural Gas markets appear well supplied and are showing...

Massif Capital Research

More Breakouts and Risk-On Developments; Monitoring Rotations: Miners, Retail, Lithium, China

More Breakouts and Risk-On Developments; Still Bullish $SPX $QQQ $IWM. Monitoring Rotations: Utilities $XLU, Real Estate $XLRE, Miners $XME $GDX,...

Vermilion Research

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