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Mar 31, 2017

S3 BLACKLIGHT: March 24-30 Best and Worst Short Performers

S3 is tracking $679 billion worth of short sellers equity positions in the U.S. market, and some trades have done significantly better or worse than others over the last week. The following is a list of the top five best and worst performing short positions over the last week.

Top 5 Shorts:
• TSRO & CLVS Tesaro received earlier than expected FDA approval for its PARP inhibitor Niraparib (Zejula) to be used as maintenance treatment for ovarian cancer, but competition is heating up from rival drug maker’s versions in their immuno-oncolgy pipelines. AstraZeneca’s (AZN US) Olaparib and Clovis Oncology’s (CLVS US) Rucaparib have also been approved by the FDA to treat advanced ovarian cancer.
• NEE Texas regulators have rejected NextEra’s $18 billion bid for Oncor Electric, as regulators deemed the transaction “not in the public’s interest at this time”.
• GWW Grainger’s operating margins continue to shrink as they discount sales in order to maintain market share in the industrial product sector. BMO Capital recently downgraded the stock to Market Perform.
• FDS Short selling increased before FactSet Research released its Q2 2017 results -- which beat on earnings, but missed on revenues.

Bottom 5 Shorts:
• TSLA Tesla’s stock price was buoyed by Tencent Holdings (700 HK) buying a 5% stake this week in the company and Tesla’s announcement that it would will start taking solar roof orders in April.
• AMZN Amazon acquired Souq.com as a precursor to increased expansion in the Middle East and has begun testing grocery pickup locations domestically as it considers entering the brick and mortar world in some of its divisions.
• AAPL Apple introduced its new iOS update and more details of its upcoming iPhone8 became available online.
• RH Restoration Hardware announced better than expected Q4 2016 results and 2017 projections were well above analyst’s expectations.
• NFLX Netflix’s stock price continues to trend higher on news of premium content growth.

Want deeper insight into the above analysis? Contact: 
Head of Research, S3 Partners
The information herein (some of which has been obtained from third party sources without verification) is believed by S3 Partners, LLC ('S3 Partners') to be reliable and accurate. Neither S3 Partners nor any of its affiliates makes any representation as to the accuracy or completeness of the information herein or accepts liability arising from its use. Prior to making any decisions based on the information herein, you should determine, without reliance upon S3 Partners, the economic risks and merits, as well as the legal, tax, accounting and investment consequences, of such decision.

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