According to an October 28th press release Tiffany & Co (TIF US) â€śreceived an unsolicited, non-binding proposal from LVMH Moet Hennessy â€“ Louis Vuitton (LVMH US) to acquire Tiffany for $120 per share in cash.â€ť TIFâ€™s stock price jumped over 30% in the first hour of trading on the news and shorts finished the day down -$416 million in mark-to-market losses
The twenty most shorted cannabis stocks were down over -3.00% on Thursday ahead of Canopy Growthâ€™s (CGC US, WEED CN), Green Organic Dutchman (TGODF US, TGOD CN) and Cronos Groupâ€™s (CRON US, CRON CN) earnings next week.
Under Armour (UAA) shares fell as much as 17% this morning, the most since July, on the back of a WSJ story on Sunday claiming the Justice Dept. and SEC are examining the companyâ€™s accounting practices of shifting sales between quarters.Â This new disclosure to the public of a probe, that first started back in 2017, is overshadowing a better than expected third quarter profit and revenue beat reported on Monday.
GrubHub Inc (GRUB) short sellers were already up +$369 million, +32%, in year-to-date mark-to-market profits before GRUB reported disappointing earnings and a fourth quarter revenue guidance that was well below analystsâ€™ expectations. GRUBâ€™s stock price reacted to a flood of long selling and is down over -40% on the day. Shorts are up over half a $ billion of net-of-financing mark-to-market profits on the price drop.
Yesterday Beyond Meat Inc (BYND) reported 3rd quarter results which beat analystsâ€™ sales and earnings estimates and its stock price jumped +4.5%. Today we are seeing a reversal of fortunes as BYNDâ€™s lockup expiry has triggered a -18% drop in its stock price. Short sellers, who were down over $1 billion in mark-to-market losses when BYND hit its post-IPO high of $234.90/share on July 28th, have recouped more than half of their losses since the end of July. BYND shorts are up +$272 million in mark-to-market profits in October, including +$110 million today.
We are tracking $885 billion of Short Interest in the domestic equity market and with the S&P 500 up +1.22% and the Nasdaq up +1.90%. Overall, we saw +$13.96 billion increase of incremental net short selling this week as short sellers increased their short exposure on 29% and decreased their exposure on 34% of the 9,218 domestic stocks that we cover.
Beyond Meat (BYND US) continues to be most expensive actively shorted stock with a stock borrow fee of 92.32%, but it had the largest decline in its borrow rate, dropping from 146.10% fee over the last week. McDermott Intl Inc (MDR) had the largest increase in stock borrow fees, rising to 29.07% fee from 10.35%.
short int is $560mm; 5.56mm shs shorted; 42.88% of float; 92.32% fee. Shs shorted down -467k shs, -8%, over last 30 days as price fell -34% & down -105k shs, -2%, last week. Shorts down -$528mm in YTD mark-to-market losses but up +$192mm in Oct & up +3.0mm today.
Tesla Incâ€™s (TSLA) stock price rallied over 20% in aftermarket trading yesterday and the rally has carried forward to todayâ€™s open. TSLA is up 16.5% in mid-morning trading and short sellers are, as Elon Musk stated earlier in the year, â€śfeeling the burn.â€ť TSLA short interest is $8.31 billion; 32.62 million shares shorted; 23.13% of its float; 0.58% stock borrow fee. TSLA is the second largest short in the U.S. equity market behind Apple Inc (AAPL) with $10.47 billion of short interest.
Tesla Incâ€™s (TSLA) stock price had been dropping and its shares shorted were increasing for most of the first half of 2019. TSLA short sellers were up +$5.16 billion in mark-to-market net-of financing profits as of June 3rd when TSLA hit its year-to-date low of $178.97/share. In just over six months, TSLA shorts were $128 million shy of recouping their 2016-2018 mark-to-market losses of -$5.29 billion.