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Financial Securities

Stock Loan Money Makers

Short sellers pay a stock borrow expense for every short position they have in their portfolios based on the amount of shares shorted, price of the stock and borrow fee of that particular stock. These financing expenses are revenues for counterparties that help supply the stock borrows for short sellers. The stocks with the largest daily revenues are:

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Beyond Meat Shorts Down $106 Million on Dunkin’ Partnership

Beyond Meat Inc (BYND) and Dunkinā€™ Brands Group Inc (DNKN) have partnered to introduce the Beyond Sausage Breakfast Sandwich joining Burger Kingā€™s Impossible Whopper as a plant-based meat alternative fast food menu item. BYND is up almost 10% in late afternoon trading and short sellers are getting the non-meat sweats as they are down -$112 million in mark-to-market losses on the news.

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Tesla Shorts Up $1.5 Billion on Earnings & Revenue Miss

Tesla Inc (TSLA) reported second quarter results after the market closed on Wednesday and although they delivered a quarter of record deliveries (95,356 vehicles), record production (87,048 vehicles), and strong revenues ($6.35 billion) they also reported a wider than expected loss of -$1.12 per share. Tesla is projecting positive net income for the third quarter and the opening of its Chinese production facility year end. Another negative announcement was the resignation of its founding engineer and CTO, J.B. Straubel, after 16 years of service at the company.

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Fiserv Short Sellers Active Ahead of Earnings

Fiserv Inc. (FISV) will be reporting second quarter earnings results on Thursday, July 25thĀ and short sellers have been busy building their short exposure ahead of the announcement. FISV is the most shorted stock in the worldwide Data Processing & Outsourced Services Sector with $5.3 billion of short interest; 55.78 million shares shorted; 14.31% of its float and a 0.30% (general collateral) stock borrow fee.

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S3 Analytics: BaFin Puts Wirecard AG Short Sellers in a Costly Timeā€Out

On Monday, the German securities regulator, BaFin, banned short selling in the internet payment and
processing services company Wirecard AG (WDI GR) through April 18th due to reports of alleged financial
fraud in its Singapore office. Short sellers are now prohibited from initiating or increasing short positions
in the company. BaFin has previously used this prohibition in 2008 when it prohibited naked short selling
in eleven financial and insurance sector companies during the credit crisis to maintain stability in the
financial system and avoid a possible liquidity crisis. ESMA, the European Securities & Markets Authority,
issued an opinion agreeing with BaFinā€™s actions stating that Wirecardā€™s volatile price movements could
erode German market confidence.

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S3 Analytics: Australian Banking Shorts Down $248 Million on Benign Royal Commission Report

The Australian banking sector rallied over 4% after the release of the Royal Commission final report which deemed that no major regulatory changes were necessary, just increased and tighter oversight and stronger and more judicious enforcement of existing regulations. The fear of tighter lending rules and a massive overhaul to banking regulations had spurred heavy short selling in the sector over the last several months.

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S3 Analytics: Australian Banking Shorts Increase Ahead of Royal Commission Report

Short selling in the Australian banking sector has been increasing since September 28th when Commissioner Kenneth Hayne released his interim report of the Royal Commission into Misconduct in the Australian Banking, Superannuation and Financial Services Industry. Today the commissioner delivered the final version of the report which will be published on Monday. The expectation of a completely reformed regulatory infrastructure to address systemic misconduct and structural failures in the sector based on the reportā€™s findings has led short sellers to increase their short exposure by 67% since the end of the 3rd quarter 2018.

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S3 Analytics: Stock Loan Implications of VXX ETNā€™s January Maturity

Barclayā€™s iPath S&P 500 VIX Short Term ETN (VXX) and iPath S&P 500 VIX Medium Term ETN (VXZ) are scheduled to mature after a volatile 10 year run with a final redemption date of January 30, 2019. ETNā€™s differ from ETFs as they are basically debt instruments with set maturity dates when the instrument expires and its ā€œprincipalā€ or NAV is redistributed back to the long note holders versus an ETF which is a portfolio of assets with no defined maturity date.

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