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 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>Our near-term bullish outlook will remain in place long as the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM) are above their 20-day MAs.</li>
<li>Short-Term SPX support is at 6028-6059 and the 20-day MA, with additional supports at 5804-5854 and 5700-5785. Russell 2000 (IWM) and S&amp;P Mid Caps (IJH) also breaking above key resistances</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).
Our near-term bullish outlook will remain in place long as the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM) are above their 20-day MAs.
Short-Term SPX support is at 6028-6059 and the 20-day MA, with additional supports at 5804-5854 and 5700-5785. Russell 2000 (IWM) and S&amp;P Mid Caps (IJH) also breaking above key resistances


Blue Sky Territory; Bullish Outlook Intact; Nasdaq 100 and S&P 500 Breaking to All-Time Highs

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

Reliance Steel & Aluminum / Equity Bottom-Up

<ul><li>Reliance Steel presented its Third Quarter 2024 earnings and reported a robust operational performance amid fluctuating market dynamics.</li><li>Despite notable downturns in metals pricing, significantly more than expected, the company reported a non-GAAP earnings per diluted share of $3.64, aligning with their projections.</li><li>This was underpinned by their enhanced volume driven by targeted growth efforts and a resilient business model characterized by a diverse range of end-markets, expansive value-added processing capabilities, and quick turn orders.</li></ul>

Reliance Steel presented its Third Quarter 2024 earnings and reported a robust operational performance amid fluctuating market dynamics.Despite notable downturns in metals pricing, significantly more than expected, the company reported a non-GAAP earnings per diluted share of $3.64, aligning with their projections.This was underpinned by their enhanced volume driven by targeted growth efforts and a resilient business model characterized by a diverse range of end-markets, expansive value-added processing capabilities, and quick turn orders.

Reliance Inc.: How Are They Dealing With Challenges in Maintaining Automotive Sector Influence Amid Market Fluctuations? - Major Drivers

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

ACME Solar Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/acme-solar-holdings" target="_blank" data-smartkarma-citation="entities:43723:1" rel="noopener">ACME Solar Holdings (1700918D IN)</a> is looking to raise US$360m in its upcoming India IPO. </li>
<li>ACME Solar (ACME) is a renewable energy firm with a portfolio of solar, wind, hybrid and firm and dispatchable renewable energy (FDRE) projects.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



ACME Solar Holdings (1700918D IN) is looking to raise US$360m in its upcoming India IPO. 
ACME Solar (ACME) is a renewable energy firm with a portfolio of solar, wind, hybrid and firm and dispatchable renewable energy (FDRE) projects.
In this note, we talk about the company’s historical performance.


ACME Solar Holdings - Strong Sector Tailwinds but Need to Keep an Eye on Profitability

<ul><li>Reliance, Inc. reported its financial results for the second quarter of 2024, demonstrating resilience in a challenging market environment characterized by fluctuating steel prices and economic uncertainties.</li><li>The company’s strategic focus on diversification and customer service has allowed it to increase shipments and expand its market presence, albeit with mixed financial outcomes.</li><li>On a positive note, Reliance, Inc. has seen strong results from its recent acquisitions, including Cooksey Steel, American Alloy, and Mid-West Materials, which collectively added nearly $500 million in annualized net sales.</li></ul>

Reliance, Inc. reported its financial results for the second quarter of 2024, demonstrating resilience in a challenging market environment characterized by fluctuating steel prices and economic uncertainties.The company’s strategic focus on diversification and customer service has allowed it to increase shipments and expand its market presence, albeit with mixed financial outcomes.On a positive note, Reliance, Inc. has seen strong results from its recent acquisitions, including Cooksey Steel, American Alloy, and Mid-West Materials, which collectively added nearly $500 million in annualized net sales.

Reliance Steel & Aluminum Co.: A Highly Diversified End Market Exposure Saving The Day! - Major Drivers

<ul><li>Reliance Steel reported robust growth and substantial gains in Q1 2024, supported by their business model's resilience.</li><li>Their products, markets, and geographical diversity delivered a strong performance for the quarter, demonstrating growth amidst challenging pricing situations.</li><li>The earnings results showed non GAAP earnings per share amounting to $5.30 per diluted share, indicating the organization's solid profitability.</li></ul>

Reliance Steel reported robust growth and substantial gains in Q1 2024, supported by their business model's resilience.Their products, markets, and geographical diversity delivered a strong performance for the quarter, demonstrating growth amidst challenging pricing situations.The earnings results showed non GAAP earnings per share amounting to $5.30 per diluted share, indicating the organization's solid profitability.

Reliance Steel & Aluminum Co: Investments in End-Markets and Benefits from Infrastructure Bill! - Major Drivers

United States

Reliance Steel & Aluminum Co. distributes and processes steel and aluminum. The Company's products include carbon, alloy, stainless and specialty steel, aluminum, brass, and copper.  Reliance operates processing and distribution centers throughout the United States. Reliance Steel & Aluminum operates in Spain.

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Reliance Steel & Aluminum (RS US)

Blue Sky Territory; Bullish Outlook Intact; Nasdaq 100 and S&P 500 Breaking to All-Time Highs

Blue Sky Territory; Bullish Outlook Intact; $QQQ and $SPX Breaking to All-Time Highs; Russell 2000 $IWM and Mid Caps $IJH also breaking above...

Vermilion Research

Reliance Inc.: How Are They Dealing With Challenges in Maintaining Automotive Sector Influence Amid Market Fluctuations? - Major Drivers

Reliance Steel presented its Third Quarter 2024 earnings and reported a robust operational performance amid fluctuating market dynamics. Despite...

Baptista Research

ACME Solar Holdings - Strong Sector Tailwinds but Need to Keep an Eye on Profitability

ACME Solar Holdings (1700918D IN) is looking to raise US$360m in its upcoming India IPO. In this note, we talk about the company’s historical...

Ethan Aw

Reliance Steel & Aluminum Co.: A Highly Diversified End Market Exposure Saving The Day! - Major Drivers

Reliance, Inc. reported its financial results for the second quarter of 2024, demonstrating resilience in a challenging market environment...

Baptista Research

Reliance Steel & Aluminum Co: Investments in End-Markets and Benefits from Infrastructure Bill! - Major Drivers

Reliance Steel reported robust growth and substantial gains in Q1 2024, supported by their business model's resilience. Their products, markets,...

Baptista Research

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