Intel Corp. (INTC) stock spiked 6.7% in trading today after trouncing 3rd quarter earnings expectations. Intel’s pivot away from the PC-centric operation to focus on data centers and its memory businesses helped achieve record earnings per share of $0.94 during the third quarter. Earnings beats from other bellwethers helped the S&P 500 hit another record high today (up 0.75% today). Intel short sellers have not been as fortunate. Bearish investors are down $367 million in mark-to-market profits today alone.
Short interest remains just off record highs for Intel, at 128.8 million shares and $5.6 billion dollars at risk. S3 Partners calculates the short interest of top 5 shorts of the S&P 500 to be at $28.4 billion dollars at risk. Losses on these 5 are a staggering $5.7 billion on a mark-to market basis.
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