Carnival Corpâ€™s (CCL) stock price is down almost 9% after it cut its earnings forecast to $4.55/share from $4.77/share. The main culprits for the downward adjustment were higher fuel costs and currency exposure.
CCL short interest is $686 million; 12.12 million shares shorted; 3.03% of float; 0.30% fee stock borrow cost. CCL is the third largest short in the Hotels, Resorts & Cruise Line sector behind Marriott Intl (MAR) $902 million and Hilton Worldwide (HLT) $762 million.
CCL shorts had been covering some of their exposure recently, with share shorted decreasing by 513 thousand, -4%, in March even as its stock price had taken a slight negative turn, -2%, after being up 19% in January & early February.
Shorts were up $97 million, +12.81%, in mark-to-market profits this year, but todayâ€™s nearly 10% drop added another $62 million in mark-to-market profits to that total. Shorts are now up $159 million, +20.92%, for the year.
We are seeing active short selling today as short sellers are expecting the stock to give back even more of its early year gains.
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Managing Director Predictive Analytics, S3 Partners, LLC
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