6 Stocks With Short-Selling Activity Worth Watching
SunGard is out with a list of some of the "hottest" stocks from a securities lending perspective. The data is compiled from SunGard's Astec Analytics that provides "up-to-date, intraday short selling market color."
Apple: Short-Selling Activity Declining
SunGard's top pick is Apple Inc. (NASDAQ: AAPL) as fresh data suggests short-selling activity continued to decline "steadily" for more than two months. So far in July, the number of Apple shares that investors and traders have borrowed dipped more than 15 percent.
Chesapeake Energy: Cost Of Borrowing Surging
Chesapeake Energy Corporation (NYSE: CHK) has been on the receiving end of a bad judgment after a federal judge in New York ordered the company to pay nearly $380 million to its bond holders. SunGard noted that while short-selling activity has been "growing rapidly" in July, the cost of borrowing shares have recently jumped to 20 percent from around 3 percent at the beginning of the month.
Fitbit: Short Sellers Building On Recent Gains
Fitbit Inc (NYSE: FIT) shares have appreciated greatly since its IPO debut, which naturally attracts short sellers to the name. SunGard stated that it observed borrowing volumes climbing with the total number of share being borrowed reaching 29 percent last week.
AMD: Market Focusing On Poor Earnings
Short sellers continue betting against Advanced Micro Devices, Inc. (NASDAQ: AMD) following its poor earnings data, while the rating agency S&P revising its outlook to "Negative." According to SunGard's data, the number of shares that have been borrowed has risen by 19 percent in July.
Etsy: Short Sellers Focusing On Allegations
Despite market reports that Etsy Inc (NASDAQ: ETSY) has been issuing materially misleading information, shares managed to bounce back as of late. Nevertheless, borrowing volume have climbed 62 percent according to SunGard's data.
3D Systems: Mild Short Covering Activity
Finally, shares of 3D Systems Corporation (NYSE: DDD) may have undergone "mild short covering" after more than a month of short sellers building their positions. SunGard's data also suggested that short volume fell 5 percent last week.
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