CNBC recently created a new index which tracks “stocks integral to lives and careers of millennials and those from Generation Z”. According to CNBC the index is up over 40% in 2021, but down over the last month. Going long meme and Reddit names has been the new trend in 2021, will buying and shorting the CNBC Next Gen Index be the new retail vs institutional battle ground?
We follow 790 shorted U.S. domestic biotech stocks with total short interest of $54.5 billion. Short selling in these stocks is highly concentrated, with the top twenty most shorted stocks totaling $23.1 billion, making up 42% of the total shorts in the market.
Casino & Gaming stocks have fallen this week as Chinese regulators proposed changes in the Macau gambling industry. With the 20-year-old gaming licenses up for renewal next year, regulators are reconsidering the number and duration of new licenses they will issue. Some of the other items under consideration are an increase from the present 10% minimum local ownership of casinos; the addition of government representatives on casino boards to supervise activities and prior approval for distribution of profits to shareholders. Many U.S. and Chinese\Hong Kong casino and gaming stocks were down during the week.
Airbnb Inc (ABNB) continues to be a significant short in its sector, ranking fourth in the Hotel, Resorts & Cruise Line Sector but recent short covering activity has reduced its total short interest by $1.3 billion. ABNB short interest is $1.48 billion, 9.69 million shares shorted, 7.01% Short Interest % Float, 6.55% S3 Short Interest % Float, 0.30% stock borrow fee.
GME shares shorted are now 27.13 million.
A week of retail investors running up the price of struggling stocks has shocked Wall Street, forced the world to pay attention, and left a trail of chaos and confusion in its wake. Investors were left unsure of what would happen next.
Peloton Interactive (PTON) reported quarterly earnings after the close that significantly beat analysts’ expectations. Not only did EPS and revenues beat expectations but forward looking guidance was also above analysts’ preliminary expectations and paid digital subscription growth increased by over 200%. After being down -3.75% in today’s trading, the stock is up 10% in aftermarket trading on the news.
Banking Sector earnings season begins next week, and the market is expecting weak results after the worst quarter since the financial crisis. Low interest rates have been a serious handicap for traditional banking revenue streams and only banking\capital markets firms with trading and\or mortgage divisions can expect anywhere near normal returns.
Zoom Video Communications (ZM) is the third largest short in the Application Software Sector behind Salesforce.com (CRM) and Trade Desk (TTD) with active short selling ahead of its earnings results and a 206% rally in 2020. We follow 341 stocks in the Application Software Sector with $45.5 billion of total short interest. ZM short interest is $2.24 billion with 9.15% of its float shorted.
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.
Lululemon Athletica Inc (LULU) shares short selling is increasing along with its stock price. Shares shorted has increased by 969k, +17%, in 2019 even as LULU’s stock price is up 17% on the year. The trend continues as we are seeing continued short selling over the last week even as LULU breaks through the $140/level for the first time since November 2018. Shares shorted increased by 395k, +6.7%, as LULU’s stock price rose by 4.6%.
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