The $914 billion of average U.S. equity short sales that we follow were overall un-profitable in November, losing -$36.95 billion in net-of-financing mark-to-market losses, for a monthly return of -4.04%. Intelsat SA (I) shorts were the most profitable in dollar terms, up +$308 million in mark-to-market profits for the month.
The most profitable U.S. traded stocks in net-of-financing mark-to-market P\L (minimum short interest $50 mm):
The largest equity short in the U.S. market was also the worst performing short in November, Apple Inc (AAPL) was down over -$864 million in mark-to-market losses for the month.
The least profitable U.S. traded stocks in net-of-financing mark-to-market P\L (minimum short interest $50 mm):
Party City (PRTY) was the most profitable short on a percentage basis after reporting an unexpected third quarter loss and cutting its full-year revenue projections. Party City’s stock price fell -67% on November 7thand shorts were up +$82.4 million in mark-to-market profits on the day.Â
The most profitable U.S. traded stocks in net-of-financing mark-to-market P\L % (minimum short interest $50 mm):
Clovis Oncology (CLVS) was by far the least profitable short on percentage basis after reporting strong quarterly results and the riding the wave of increased M&A activity in the Pharma\Biotech sectors after Novartis’ (NVS) $9.7 billion acquisition of Medicines Co (MDCO).
The least profitable U.S. traded stocks in net-of-financing mark-to-market P\L % (minimum short interest $50 mm):
 
Cannabis sector stocks continue to be some of the most expensive shorts with five stocks in the top twenty-five most costly shorts in the U.S. market. Short sellers paid over $24 million and $15 million in stock borrow fees this month to short Aurora Cannabis (ACB) and Canopy Growth (CGC).
The highest $ cost to short U.S. traded stocks (minimum short interest $50 mm):
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Managing Director Predictive Analytics, S3 Partners, LLC
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The information herein (some of which has been obtained from third party sources without verification) is believed by S3 Partners, LLC (“S3 Partners”) to be reliable and accurate. Neither S3 Partners nor any of its affiliates makes any representation as to the accuracy or completeness of the information herein or accepts liability arising from its use. Prior to making any decisions based on the information herein, you should determine, without reliance upon S3 Partners, the economic risks and merits, as well as the legal, tax, accounting and investment consequences, of such decisions.
