Thomson ReutersHeading into Netflix's earnings report last week, traders were braced for the worst. With the stock up a massive 30% since January, a measure of bearish bets sat close to its highest level of the year. The company went on to destroy subscriber forecasts, sending its shares up as much as 14% the next day, costing short sellers more than $400 million, according to data from IHS Markit. Now that the dust has settled, those bearish speculators haven't gone anywhere, with Netflix short interest — a measure of bets that share prices will drop — still perched near highs. It's a dynamic that's played out countless times this year amongst the mega-cap tech cohort that's been dominating the US equity market.
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jciolli@businessinsider.com (Joe Ciolli), Business Insider
Tue, 07/25/2017 - 3:04am
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