Broadcom, Tesla See Short Volume Rise as Stocks Advance
Trading in borrowed $Broadcom(AVGO)$
Shares rose 5.1% Thursday, adding to their 69% surge over the past year, after the company's outlook and its fiscal first quarter results surpassed analysts' estimates. Before this month, short sellers have already been paring their wagers against the only other chipmaker with a market capital above $1 trillion, apart from $NVIDIA(NVDA)$
Short volume rose to 1.96 million shares Wednesday as the stock advanced, strengthening the argument for short sellers to buy back the shares they sold short ahead of earnings. Those who exited their wagers spared themselves from the pain of having to buy back the shares at a higher price, with the stock gaining Thursday morning.
Meanwhile, trading in borrowed $Tesla Motors(TSLA)$
Tesla's short volume rose to 6.63 million shares Wednesday, from 4.35 million shares a day earlier as the stock advanced 3.4%, strengthening the argument for short sellers to buy back the shares they sold short. Short interest, or the tally of outstanding short positions that haven't been closed, has been trending lower, reaching 64.82 million shares as of Feb. 13, from 78.3 million at the end of November, the latest exchange data tracked by moomoo showed.
Shares of the electric vehicle giant swung between gains and losses Thursday morning as the wider stock market faced a new bout of downward pressure after Tehran said it hit an oil tanker in the Persian Gulf, sending oil prices surging again and further fueling investor concerns of accelerating inflation that could threaten global growth.
See the other stocks that have been notable changes in short volume yesterday as chart attached below.
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