CEMEX CPO heads into its July 23 earnings report with short sellers notably absent from the picture — making the upcoming quarterly print the clear thing to watch.
The lending market signals almost no bearish conviction. Borrow availability is effectively uncapped, with over 4.2 billion shares available in the lending pool relative to shares currently borrowed. That availability figure is well above the 52-week low of roughly 4,983%, and utilization has actually eased this month — falling from around 1.1% in mid-June to 0.85% today. Borrowing costs remain negligible at under 0.9%, having drifted in a tight band all year. There is simply no evidence of short sellers building a meaningful position ahead of the print.
The short score reinforces that read. ORTEX's short score for CEMEX sits at 26.2, in the lower quartile of the universe, and has barely moved over the past two weeks. The short score ranks in the 91st percentile for low short pressure — meaning fewer than 9% of stocks in the universe carry less short-side tension. That makes CEMEX an unusual case: a stock with a high dividend score (86th percentile) and minimal short activity, where the earnings event rather than short positioning is the dominant variable.
The street story is more nuanced. Prior ORTEX notes flagged CEMEX's composite stock score near the 91st percentile, driven by value and momentum — and EV/EBIT around 15x looks undemanding relative to global peers. Yet the stock is down roughly 2.6% over the past month and shed another 0.9% on Tuesday to close at MXN 21.21. Peer moves this week were mixed. gained 4.3% on the week. slipped 0.7%. fell 1.1%. CEMEX's 1% weekly gain sits roughly in the middle of that group, but the 1-month drift lower suggests the market is still cautious on Mexican construction demand and peso dynamics heading into results.
Earnings history offers a reference point. The April 2026 print delivered a 5.1% one-day gain and the stock held most of that over the following week. The February 2026 quarter was the opposite — a 1.7% drop on the day, followed by an 8.7% five-day decline. Two data points don't make a pattern, but the asymmetry is worth noting: when CEMEX misses, the selloff has been substantially larger than the post-beat rally.
With July 23 approaching, the key question is whether the second-half demand stabilization narrative that management has been pointing toward starts to show up in the numbers — or whether cement pricing and Mexican construction spending disappoint again.
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