We are seeing continued short covering in Apple Inc (AAPL) ahead of their streaming service launch announcement this afternoon.
AAPL short interest is $17.03 billion; 89.13 million shares shorted; 2.14% of float; 0.30% borrow fee.
Shares shorted have increased by 43.85 million shares, +97%, in 2019 as short sellers have increased their positions in anticipation of Appleâ€™s $100 billion accelerated share repurchase plan. In March, we have seen APPL short sellers trim their positions by covering 7.7 million shares, -8%.
Short sellers are down $1.65 billion in mark-to-market losses in March as its stock price appreciated by 10% during the month.
Year-to-date losses are now $2.23 billion.
If the streaming service launch announcement serves as a continued boost to its already 21% 2019 rally, we should see additional short term covering in short positions not related to the ASR (accelerated share repurchase) arbitrage trade.
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Managing Director Predictive Analytics, S3 Partners, LLC
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