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Cannabis Shorts up on Tilray 2nd Quarter Loss

Tilray Inc (TLRY US) reported a larger than expected 2nd quarter loss despite beating analysts’ revenue expectations. An increase in operating expenses due to expansion was the main driver to the increase in expenses. TLRY is down over 12% on the news and virtually all the larger stocks in the Cannabis Sector are trending downward as well.

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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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CRM Short Covering May be Signaling Price Floor

After hitting its year-to-date high of $166.95/share on March 21st, Salesforce.com Inc’s (CRM) stock price has slid almost -16% to $140.72/share. CRM continues to be the most shorted stock in the Application Software sector with nearly double the short exposure than runner-up Adobe Systems Inc.

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UBER & LYFT Shares Slam into Reverse

Uber Technologies Inc (UBER) and Lyft Inc (LYFT) shares prices had been strengthening recently, but after UBER reported a larger than expected $5.24 billion second quarter loss, both stocks are down for the day. UBER and LYFT are the largest shorts in the domestic Trucking Sector and today’s performance will certainly increase the amount of short selling in both stocks.

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Cannabis Short Interest Higher in July

We track short interest for 150 securities with $111 billion of market cap in our Cannabis Portfolio to get an overview into short selling activity in the market. These U.S. and Canadian stocks and ETFs have over $5.1 billion of total short interest, an average short interest % of float of 8.25% and 16.75% average stock loan fee. We’ve seen increased short selling activity in this sector throughout all of 2019 with 99.5 million of net shares shorted worth $1.40 billion. In July, short selling was a bit muted, with 7.2 million shares of new short selling worth $169.7 million.

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Beyond Meat Shorts UP $170 million on Secondary Offering News

Beyond Meat Inc (BYND) reported mixed 2nd Quarter results with earnings of -$0.24/share, missing expectations, but Sales of $67.3 million beating expectations. The biggest news on the call was the announcement of a secondary offering of 3 million shares from existing investors and 250 thousand shares from the company. BYND investors will be able to cash in on the company’s nearly fourfold rise in its stock price ahead of their November lockup period expiration and Beyond Meat Inc. will be able to raise cash for operational purposes.

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Beyond Meat Shorts Down $106 Million on Dunkin’ Partnership

Beyond Meat Inc (BYND) and Dunkin’ Brands Group Inc (DNKN) have partnered to introduce the Beyond Sausage Breakfast Sandwich joining Burger King’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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Netflix Earnings Get a Thumbs Down, Shorts Up $802 Million

Netflix Inc (NFLX) reported 2nd quarter earnings of $4.9 billion, up 26% year-on-year, but added fewer than expected domestic and international subscribers driving its price down almost 11% in aftermarket trading following a relatively weak trading day which saw its stock price fall nearly 1%.

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