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>TriNet entered 2026 in the middle of a difficult operating backdrop, with small and medium-size businesses still cautious on hiring and healthcare costs running at unusually high levels.</li><li>Even so, management has been framing the current period less as a pause and more as a reset, pointing to better sales momentum in January, improving broker channel traction, tighter pricing discipline, and expanding product capabilities across the platform.</li><li>Against that backdrop, TriNet’s agreement to acquire Cocoon stands out as one of its most important strategic moves in recent quarters.</li></ul>

TriNet entered 2026 in the middle of a difficult operating backdrop, with small and medium-size businesses still cautious on hiring and healthcare costs running at unusually high levels.Even so, management has been framing the current period less as a pause and more as a reset, pointing to better sales momentum in January, improving broker channel traction, tighter pricing discipline, and expanding product capabilities across the platform.Against that backdrop, TriNet’s agreement to acquire Cocoon stands out as one of its most important strategic moves in recent quarters.

TriNet Acquisition Shock: Why The Cocoon Deal Could Transform Everything!

<ul><li>TriNet Group, Inc. reported its third-quarter performance for 2025, showcasing strategic progress and a stable financial outlook amidst challenging market conditions.</li><li>The company adjusted its full-year earnings forecast upwards and highlighted several strategic initiatives that signal a move towards sustainable growth.</li><li>Positives noted from the call include TriNet’s revenue performance which was in line with its plans despite a decline in the volume of Worksite Employees (WSEs).</li></ul>

TriNet Group, Inc. reported its third-quarter performance for 2025, showcasing strategic progress and a stable financial outlook amidst challenging market conditions.The company adjusted its full-year earnings forecast upwards and highlighted several strategic initiatives that signal a move towards sustainable growth.Positives noted from the call include TriNet’s revenue performance which was in line with its plans despite a decline in the volume of Worksite Employees (WSEs).

TriNet: The Integrated Model Shift—Why Tech Plus Service Could Be a Competitive Game Changer!

<ul><li>TriNet Group, Inc.'s first quarter results for 2025 showcase a business navigating through an uncertain economic environment with relative steadiness.</li><li>Revenue growth for the period was modest, clocking in at 1%, primarily driven by increases in healthcare pricing and strong customer retention, despite facing challenges from declining SMB (small to medium-sized business) confidence and low net customer hiring.</li><li>On the positive side, the resilience of TriNet's business model is notable, underscored by effective handling of insurance price adjustments which were crucial to offset increased healthcare costs.</li></ul>

TriNet Group, Inc.'s first quarter results for 2025 showcase a business navigating through an uncertain economic environment with relative steadiness.Revenue growth for the period was modest, clocking in at 1%, primarily driven by increases in healthcare pricing and strong customer retention, despite facing challenges from declining SMB (small to medium-sized business) confidence and low net customer hiring.On the positive side, the resilience of TriNet's business model is notable, underscored by effective handling of insurance price adjustments which were crucial to offset increased healthcare costs.

TriNet: Will Its Focus On Value-Based Contracts Deliver Bigger Long-Term Wins?

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

Nasdaq-100 Stock Index / Technical Analysis

<ul>
<li>We will stay near-term bullish as long as crucial support levels of 6824 on SPX, $610 on QQQ, and $257 on IWM (up from $245) continue to hold.</li>
<li>We continue to see deterioration in market dynamics. While we expect a consolidation/pullback period, the aforementioned support levels would need to break to confirm the pullback has begun.</li>
<li>We will maintain our bullish intermediate-term outlook, and recommend buying pullbacks, as long as market dynamics remain constructive and the SPX is above 6480-6520 and IWM is above $245</li>
</ul>


We will stay near-term bullish as long as crucial support levels of 6824 on SPX, $610 on QQQ, and $257 on IWM (up from $245) continue to hold.
We continue to see deterioration in market dynamics. While we expect a consolidation/pullback period, the aforementioned support levels would need to break to confirm the pullback has begun.
We will maintain our bullish intermediate-term outlook, and recommend buying pullbacks, as long as market dynamics remain constructive and the SPX is above 6480-6520 and IWM is above $245


Monitoring for a Pullback; Still Near-Term Bullish Above 6824 on SPX, $610 on QQQ, and $257 on IWM

<p>Stocks Highlighted: WFC, COF, DFS, GS, JEF, RJF, LIN, ALB, AKZOY, OLN, CC, CDAY, RHI, MAN, TNET, ASGN, NSP, TBI, KELYA, BBSI, DHX, BGSF, AMN, and CCRN.</p><p>Cyclical value areas are starting to play catch-up as interest rates show signs of bottoming -- all kickstarted by Friday's better-than-expected employment report. We see many actionable opportunities, particularly within the Financial and Materials Sectors, and also several retail stocks within Consumer Discretionary. As we noted last week, despite mixed signals from the market, there continues to be an absence of breakdowns at the index and Sector level which supports our overall constructive outlook.</p>

Stocks Highlighted: WFC, COF, DFS, GS, JEF, RJF, LIN, ALB, AKZOY, OLN, CC, CDAY, RHI, MAN, TNET, ASGN, NSP, TBI, KELYA, BBSI, DHX, BGSF, AMN, and CCRN.Cyclical value areas are starting to play catch-up as interest rates show signs of bottoming -- all kickstarted by Friday's better-than-expected employment report. We see many actionable opportunities, particularly within the Financial and Materials Sectors, and also several retail stocks within Consumer Discretionary. As we noted last week, despite mixed signals from the market, there continues to be an absence of breakdowns at the index and Sector level which supports our overall constructive outlook.

Cyclical Value Areas Improving -- Add Exposure To Financials, Materials

United States

TriNet Group, Inc. provides human resource and consultancy services. The Company offers payroll, tax administration, risk protection, performance management, compensation consulting, and employee benefit plans. TriNet Group serves technology, advertising, banking, and government sectors in the United States.

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Trinet Group (TNET US)

TriNet Acquisition Shock: Why The Cocoon Deal Could Transform Everything!

TriNet entered 2026 in the middle of a difficult operating backdrop, with small and medium-size businesses still cautious on hiring and healthcare...

Baptista Research

TriNet: The Integrated Model Shift—Why Tech Plus Service Could Be a Competitive Game Changer!

TriNet Group, Inc. reported its third-quarter performance for 2025, showcasing strategic progress and a stable financial outlook amidst...

Baptista Research

TriNet: Will Its Focus On Value-Based Contracts Deliver Bigger Long-Term Wins?

TriNet Group, Inc.'s first quarter results for 2025 showcase a business navigating through an uncertain economic environment with relative...

Baptista Research

Monitoring for a Pullback; Still Near-Term Bullish Above 6824 on SPX, $610 on QQQ, and $257 on IWM

Monitoring for a Pullback; Still Near-Term Bullish Above 6824 on $SPX, $610 on $QQQ, and $257 on $IWM. We expect a period of consolidation...

Vermilion Research

Cyclical Value Areas Improving -- Add Exposure To Financials, Materials

Cyclical value areas are starting to play catch-up as interest rates show signs of bottoming. We see many actionable opportunities, particularly...

Vermilion Research

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