Short circuit
SpaceX short sellers bleed but keep piling in.
Good morning.
Short sellers are betting SpaceX will resume the ~23% slide it staged after its blockbuster June debut, piling in until nearly a third of the tradable stock is sold short. According to Reuters though, there’s a small problem. It’s already cost them the better part of a billion dollars on paper.
| ▼ | ASX 200 | 8,723 | -0.64% |
| ▼ | ASX futures | 8,694 | -0.18% |
| ▼ | S&P 500 | 7,483 | -0.22% |
| ▼ | NASDAQ | 26,040 | -0.66% |
| ▼ | AUD/USD | 0.69 | -0.39% |
| ▲ | Bitcoin | 59,928 | +2.21% |
ASX 200 as at market close. Bitcoin in USD.
Market movers
| ▼ | ASX:COL | $23.35 | -4.19% |
Shares in Coles fell on Wednesday after it confirmed it was in talks with TPG Capital over a potential buyout of Greencross Pet Wellness Company. That, on the same day as the ACCC blocked its proposed acquisition of a supermarket and liquor site in Kalgoorlie on competition grounds.
The pet-sector pivot surprised investors given Coles shut its online pet store Swaggle only three months ago, and analysts questioned both the timing (the pet market seen as late in its cycle) and the risk that a large acquisition could distract from the simplification strategy that has driven the stock under CEO Leah Weckert.
