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 Cityâ€™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 Novartisâ€™ (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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