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>WEC Energy Group reported second quarter 2026 earnings of $0.91 per share, representing a $0.15 increase from the same period in 2025.</li><li>The results reflect the company's focus on operational execution, financial discipline, and efficiency, positioning it on track to meet its full-year earnings guidance of $5.51 to $5.61 per share, assuming normal weather conditions for the remainder of the year.</li><li>Weather negatively impacted earnings in the quarter by approximately $0.05 compared to last year, though rate base growth and increased equity returns from capital projects contributed positively, alongside sales growth and tax benefits.</li></ul>

WEC Energy Group reported second quarter 2026 earnings of $0.91 per share, representing a $0.15 increase from the same period in 2025.The results reflect the company's focus on operational execution, financial discipline, and efficiency, positioning it on track to meet its full-year earnings guidance of $5.51 to $5.61 per share, assuming normal weather conditions for the remainder of the year.Weather negatively impacted earnings in the quarter by approximately $0.05 compared to last year, though rate base growth and increased equity returns from capital projects contributed positively, alongside sales growth and tax benefits.

WEC Energy’s $37.5 Billion Buildout Targets A Massive Data Center Power Boom!

<ul><li>WEC Energy Group's recent financial results and strategic updates highlight several important facets of the company's operations and future outlook, which are essential for investors to consider.</li><li>Starting with the positives, WEC Energy Group reported a robust 2025 adjusted earnings per share of $5.27, representing an increase of $0.39 per share over the previous year.</li><li>This growth is supported by several factors including favorable weather conditions, which positively impacted earnings by $0.35 compared to the previous year's unfavorable conditions.</li></ul>

WEC Energy Group's recent financial results and strategic updates highlight several important facets of the company's operations and future outlook, which are essential for investors to consider.Starting with the positives, WEC Energy Group reported a robust 2025 adjusted earnings per share of $5.27, representing an increase of $0.39 per share over the previous year.This growth is supported by several factors including favorable weather conditions, which positively impacted earnings by $0.35 compared to the previous year's unfavorable conditions.

WEC Energy Group: How Could the $2.3 Billion Case Settlement Unlock a Clearer Earnings Path?

<ul><li>WEC Energy Group recently reported its financial results for the third quarter of 2025, showcasing progress and challenges within the company.</li><li>The company announced earnings per share of $0.83 for this quarter, signaling a year-over-year improvement when compared to adjusted earnings from the same period last year.</li><li>For the full year, WEC Energy Group reaffirmed its earnings guidance, predicting a range between $5.17 and $5.27 per share, assuming normal weather patterns continue for the remainder of the year.</li></ul>

WEC Energy Group recently reported its financial results for the third quarter of 2025, showcasing progress and challenges within the company.The company announced earnings per share of $0.83 for this quarter, signaling a year-over-year improvement when compared to adjusted earnings from the same period last year.For the full year, WEC Energy Group reaffirmed its earnings guidance, predicting a range between $5.17 and $5.27 per share, assuming normal weather patterns continue for the remainder of the year.

WEC Energy’s Massive Capex Surge—A Bold Bet on the Future of Power?

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 will stay near-term bullish as long as crucial support levels of 6780-6824 on SPX and $255-$257 on IWM continue to hold</li>
<li>We see deterioration in market dynamics, and while we still expect a period of consolidation/pullback, aforementioned support levels need to break to give us confidence that the pullback has begun.</li>
<li>We are upgrading Staples (XLP) to overweight, and we are downgrading Services to underweight</li>
</ul>


We will stay near-term bullish as long as crucial support levels of 6780-6824 on SPX and $255-$257 on IWM continue to hold
We see deterioration in market dynamics, and while we still expect a period of consolidation/pullback, aforementioned support levels need to break to give us confidence that the pullback has begun.
We are upgrading Staples (XLP) to overweight, and we are downgrading Services to underweight


Upgrading Staples to Overweight; Downgrading Services. Still Cautious; Market Dynamics Deteriorating

<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

United States

WEC Energy Group, Inc. operates as a utilities provider. The Company distributes electricity and natural gas to its customers in Wisconsin, Illinois, Michigan and Minnesota.

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Wec Energy Group (WEC US)

WEC Energy’s $37.5 Billion Buildout Targets A Massive Data Center Power Boom!

WEC Energy Group reported second quarter 2026 earnings of $0.91 per share, representing a $0.15 increase from the same period in 2025. The results...

Baptista Research

WEC Energy Group: How Could the $2.3 Billion Case Settlement Unlock a Clearer Earnings Path?

WEC Energy Group's recent financial results and strategic updates highlight several important facets of the company's operations and future...

Baptista Research

WEC Energy’s Massive Capex Surge—A Bold Bet on the Future of Power?

WEC Energy Group recently reported its financial results for the third quarter of 2025, showcasing progress and challenges within the company. The...

Baptista Research

Upgrading Staples to Overweight; Downgrading Services. Still Cautious; Market Dynamics Deteriorating

Upgrading Staples $XLP to Overweight; Downgrading Services. Cautious $SPX $QQQ; Market Dynamics Deteriorating as Defensives Take the Lead $XLU...

Vermilion 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

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