• Research

Sep 25, 2017

S3 Analytics: Short Interest Trends Leading into Earnings – Week of 9/25

The following five companies are announcing earnings the week of 9/25.

The table below provides a snapshot of how short sentiment has been trending in Carnival Corp, Micron Technology, NIKE, Darden Restaurants and Conagra Brands this month leading up to quarterly earnings.

Carnival Corp stock price is down 6.9%, and short interest is down 7.4% measured on a notional (dollars at risk) basis since 8/31.  Short sellers are down $254.9 million, yielding a negative return of 25.1% year-to-date.

Micron Technology stock price is up 9%, and short interest up 10.3% measured on a notional (dollars at risk) basis since 8/31.  Short sellers are down $665.2 million, yielding a negative return of 48.2% year-to-date.

NIKE stock price is up less than 1%, and short interest is down 7.6% on notional (dollars at risk) basis since 8/31.  Short sellers are down $74.7 million, yielding a negative return of 4.7% year-to-date.

Darden Restaurants stock price is up 1.6% and short interest is down 1.4% on a notional (dollars at risk) basis since 8/31.  Short sellers are down $145 million, yielding a negative return of 17.6% year-to-date.

Conagra Brands stock price is up 1% and short interest is down 2.4% on a notional (dollars at risk) basis since 8/31.  Short sellers are up $61.6 million, yielding a positive return of 20.6% year-to-date.

All of the above securities have ample borrow liquidity, trading at top rate for new supply to short.   

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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