Short Selling Declines On BlackBerry As Price Stabilizes
Loomes noted, "For the first three weeks of January, Blackberry seemingly saw a large increases in short selling activity, with borrowing in its share climbing 20 percent between Jan 1st and last Thursday."
After January 1, however, “it seems short sellers have been covering as its share price started to stabilise a bit, suggesting short sellers are not expecting to make money betting on downward moves.”
On Thursday, shares of BlackBerry were up approximately 8 percent as rumors continued to swirl about a possible takeover by Samsung, although Wells Fargo felt a sale was unlikely.
BlackBerry recently traded at $10.61, up 6.8 percent.
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