Corporate

TSLA short interest is $7.53 billion, 24.9 million shares shorted, 19.9% of the float. Shorts up $1.12 billion in mark-to-market profits today on Tesla‘s 13% price drop, and are now up $783 million for the year.

Immunomedics Inc (IMMU) stock price is down 29% in mid-morning trading as its lead drug, Sacituzumab Govitecan, failed to get FDA approval. Short interest is $533 million, 29.49 million shares shorted, 18.29% of its float, stock borrow cost is 30 bps.

Netflix Inc (NFLX) short sellers cut their short exposure in 2018 by 37%, covering 8.1 million shares of shorts as they lost $2.04 billion, -34.90%, in mark-to-market P\L. In the first month of 2019 we are seeing a reversal of the trend, with short sellers adding 1.35 million shares of new shorts, +9.7%, in less than three weeks. While NFLX short interest has climbed 45%, to $5.36 billion, short seller’s losses continued to mount this year, down another $1.2 billion in mark-to-market losses in less than a month.

Ligand Pharmaceuticals (LGND) shorts are up $206 million in mark-to-market profits today after Citron Research published a report with a $35 price target on concentration of royalty payments in just four drugs, the largest of which will soon lose patent exclusivity. LGND was down 20% on the news today.

iShares iBoxx High Yield Corporate Bond ETF  (HYG) short interest is $6.71 billion, 84.25 million shares shorted, 55.72% of the float.

It is the fourth most shorted ETF in the U.S. behind SPY, QQQ and IWM.

MINDBODY, Inc (MB) short sellers will be looking to have their chakra’s realigned after incurring $130 million in mark-to-market losses on MB’s +65% stock price spike on Monday. MB’s stock price rose by $14.11/share on private equity firm’s Vista Equity Partners’ $1.9 billion, $36.50/share, buyout offer. MB short interest is $331 million, 9.24 million shares shorted or 22.48% of its float.

XPO Logistics, Inc (XPO) is down over 26% today after Spruce Point Capital Mgmt released a “strong sell” investment research report on the company. Spruce Point reports “financial irregularities”; $4.7 billion in debt and “dependency on external capital and asset sales” due to the “inability to generate sustaining free cash flow” to forecast a 40%-60% short-term downside and a 100% long-term downside.

General Electric Co (GE) short interest is $924.38 million; 137.76 million shares; 1.60% of float; General Collateral stock borrow cost (30 bp fee) & 1.14 Days to Cover.

GE shares shorted is up 2.7 million, +1.99%, in December and up 1.3 million, +0.95%, over the last week.