And then there were none. McDermott Intl (MDR) and Clovis Oncology (CLVS) stock borrow fees were both over 100% last month, but now the most expensive domestic stock borrow rates are not even topping 70% fee. CLVS rates have nosedived from 108% fee as recently as January 9th to 2.54% fee today as 4.72 million short shares, 18% of total short sales, were covered in January. While McDermott Intlâ€™s stock borrow fee is 233% fee, the stock has entered bankruptcy, ticker is now MDRIQ, and its short interest has fallen beneath our $50 million threshold. Stocks with strong upwards rate pressure are Inmode Inc (INMD), GTT Communications (GTT), SmileDirectClub Inc (SDC) and Tanger Factory Outlet Centers (SKT). We can expect stock borrow rates in these names to climb significantly in the short term.
$420/share is not even visible in the rear-view mirror as Tesla Inc (TSLA) roars past $500/share and closes at $524,86/share. Tesla is now up over 25% in 2020 and up +193% since 2019 low of $178.97/share on June 3rd.
Tesla Inc (TSLA) is truly a tale of two securities, while the stock is up a respectable +21% for the year, it is up a blistering +126% since itâ€™s low of $178.97 on June 3rd.
Tesla short sellers were in the â€śbest of timesâ€ť and up +$5.16 billion in net-of-financing mark-to-market profits as Tesla lost -46% of its value from January 1st to June 3rd 2019, nearly offsetting the -$5.75 billion of mark-to-market losses they incurred from 2016-2018.
We calculate daily short interest and stock borrow financing rates on $186 billion worth of European securities. Of the $186 billion there are $138 billion worth of non-record date affected securities with over $25 million in short interest that is the basis for this research note.
Â Just over a week ago UBER Technologies (UBER) was the largest short in the U.S. Trucking sector but a month of post-IPO lockup short covering has dropped it to the number two short in the sector behind Knight-Swift Transportation (KNX). UBER short interest is still significant, with 29.76 million shares shorted worth $834 million, 3.91% of its float.
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.
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.