Three signals are firing in unison on AMX this week. Short interest has risen sharply. Options buyers are loading up on puts again. And the short score has jumped to its highest point in over a month — all with the next earnings date five days away on July 21.
Short interest in América Móvil has climbed 18.5% over the past week to 7.25 million shares. That is up roughly 20% versus a month ago. The rise is notable because it came even after the July 14 print — the result of that release did not deter bearish positioning. FINRA's most recent official count, settled June 30, puts short shares at 5.95 million with 5.6 days to cover.
The borrow market remains relaxed despite the build. Cost to borrow sits at 0.54% — minimal by any standard. Availability is still wide at approximately 675% of shares already borrowed, meaning supply in the lending pool far exceeds demand. There is no mechanical squeeze pressure here.
The put/call ratio hit 0.54 on July 15 — 2.3 standard deviations above its 20-day mean of 0.37. That is the same elevated reading that appeared ahead of the July 14 release. The ratio has since held well above its prior baseline, suggesting the hedging demand did not dissipate after earnings. The next catalyst is the July 21 print.
Historical post-earnings moves for AMX have been contained. The July 14 event produced a one-day move of just 0.3%. The April event moved 1.4% on the day. Neither reading points to a stock prone to dramatic swings — which makes the options positioning more interesting, not less.
The ORTEX short score climbed to 38.7 on July 14, up from 33.1 at the start of July. That move of more than five points in two weeks is the most significant shift in the score in recent months. The score remains below levels that would signal extreme bearish conviction, but the direction is clear.
Analysts are not aligned with the bearish flow. JP Morgan holds a Neutral rating with a $30 target. UBS carries a Buy at $31.50. Both sit well above the current price of $26.11, which is down about 6% over the past month. Scotiabank is the outlier, maintaining Sector Perform with a $20.80 target — the only major house below the current price.
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