Wednesday's close is the week's biggest catalyst. Alphabet reports Q2 results after the bell. Investors are watching AI-driven search revenue closely. Options activity has picked up sharply ahead of the print. Intel follows Thursday, a critical read on the chipmaker's turnaround effort. Southwest Airlines also reports Thursday. European defence firm Thales joins the earnings queue on Wednesday morning.
Bears are pressing their bets. Hertz short interest now stands at 70% of free float. Available shares to borrow have hit zero — a classic squeeze setup. Wolfspeed sits even higher at 79% SI % FF, though bears covered sharply this week. Options markets are absorbing the overflow. When borrow dries up, puts become the only viable short vehicle.
Analysts favoured banks this week. Morgan Stanley and State Street both saw target price increases. State Street's average target rose nearly $12 to $196.89. Banks are riding a strong earnings season tailwind. Fox Corporation moved the other way — a downgrade landed with short interest already at 21% of free float. Prudential Financial was also cut.
Oil markets are grabbing attention. The Strait of Hormuz is closed again, with traders warning that stockpiles are running low. Energy IPOs are picking up pace as investors hunt AI-linked power plays. China's CXMT chipmaker is seeking $10 billion in the country's largest IPO since 2010.
Major insider filings hit this week. Broadcom's Chief Legal Officer sold over $19.5M in stock. RH CEO Gary Friedman filed roughly $17.9M in sales. Executives are locking in gains near recent highs.
ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
