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S3 Research

24 Carat Short Squeeze in Tiffany & Co

According to an October 28th press release Tiffany & Co (TIF US) “received an unsolicited, non-binding proposal from LVMH Moet Hennessy – Louis Vuitton (LVMH US) to acquire Tiffany for $120 per share in cash.” TIF’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

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Under Armour Short (Sellers) Profit on Probe

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 company’s accounting practices of shifting sales between quarters.  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.

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GrubHub Shorts up $504 million on Earnings Miss

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 analysts’ expectations. GRUB’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.

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Beyond Meat Shorts up $110 million on -18% Drop

Yesterday Beyond Meat Inc (BYND) reported 3rd quarter results which beat analysts’ sales and earnings estimates and its stock price jumped +4.5%. Today we are seeing a reversal of fortunes as BYND’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.

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What Are the Shorts Doing? Week of 10/21 – 10/25

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.

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Hottest Short Stocks – Week of 10/21-10/25

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%.

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S3 Analytics: Tesla Shorts Down $1.4 billion on Q3 Results

Tesla Inc’s (TSLA) stock price rallied over 20% in aftermarket trading yesterday and the rally has carried forward to today’s open. TSLA is up 16.5% in mid-morning trading and short sellers are, as Elon Musk stated earlier in the year, “feeling the burn.” 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.

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S3 Analytics: Tesla Shorts Running Out of Gas

Tesla Inc’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.

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