• Research

Sep 18, 2017

S3 Analytics: Short Interest Trends Leading into Earnings – Week of 9/18

The following five companies are announcing earnings the week of 9/18.
The table below provides a snapshot of how short sentiment has been trending in Adobe Systems, FedEx, Autozone, General Mills and Carmax compared to their last earnings report.

Adobe Systems stock price is up 9.6% since 6/20, when the company beat on both 2Q’17 Revenue and EPS street estimates.  Short interest is up 11% on a shares (shorted) basis and up 22% on a notional (dollars at risk) basis leading up to 3Q’17 earnings on 9/19.  Shorts have been building exposure since last reporting date.

FedEx stock price is up 2.8% since 6/20, when the company beat on both 4Q’17 Revenue and EPS estimates.  Short interest is down 20% on a shares basis, and down 18% on a notional basis leading up to 1Q’18 earnings on 9/19.  Shorts have been reducing exposure since last reporting date.

Autozone stock price is down 2% since 5/23, when the company fell short of 3Q’17 forecasts, missing on EPS, Revenue and Sales.   Short interest is down 22% on a share basis, and down 24% on a notional basis leading up to 4Q’17 earnings on 9/19.  Shorts have been reducing exposure since last reporting date.

General Mills stock price is down 1.1% since 6/28, when the company beat on 4Q’17 earnings and sales estimates.  Short interest is up 25% on a share basis, and up 24% on a notional basis leading up to 1Q’18 earnings on 9/20.  Shorts have been building exposure since last reporting date.

Carmax stock price is up 14% since 6/21, when the company beat on 1Q’18 earnings and revenue estimates.  Short interest is down 13% on a share basis, and down 1% on a notional basis leading up to Q2’18 earnings on 9/22.  Shorts have been reducing exposure since last reporting date.

Want deeper insight into the above analysis? Contact:
Matthew.Unterman@s3partners.net
Director, 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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