América Móvil enters the post-earnings window in a noticeably quieter state than the charged setup that defined the past three weeks — the bears have retreated, the borrow market is loose, and the short score has barely moved.
The clearest change from the run of recent previews is in short positioning. Shorts built aggressively through early-to-mid July, peaking around 7.65 million shares ahead of the July 14 and July 21 prints. That build has now unwound. The most recent lending data puts availability at over 1,600% of shares already borrowed — meaning roughly sixteen shares remain available for every one currently lent out. That is dramatically looser than the already-relaxed conditions cited in prior notes, and it reflects a genuine step-back by short sellers rather than a pause. Cost to borrow is running at 0.93%, up modestly on the week but still negligible in absolute terms. This is not a market applying any meaningful pressure on bearish positions. The short score corroborates the picture: it has drifted between 28.4 and 28.6 over the past ten sessions, with no directional conviction in either direction.
What is worth noting is the sharp shift in availability that happened around July 10. Before that date, availability was running between 1,590% and 1,610% — already very loose. Then from July 9 back through late June, readings were dramatically higher, in the 4,000%–7,000% range, before a mid-June episode briefly compressed availability toward 2,000%. That mid-July tightening coincided precisely with the short-building episode documented in prior notes. Now that shorts have covered, the pool has expanded again. The borrow market is, if anything, more accommodating than it was before the July bearish episode began.
The stock itself has done little to reward either side. AMX B closed at MXN 22.75, down roughly 0.5% on the week and just over 3% lower on the month. That modest drift lower is consistent with the broader pressure on emerging-market telecoms: peer TEL2 B fell nearly 7.6% on the week, and TIMS3 shed about 1.8%. AMX B has held up better than the Swedish and Brazilian names, though the absolute return remains negative. MTN and VOD on the JSE also declined on the week. The common thread across the peer group is mild selling pressure — nothing catastrophic, but no recovery catalyst visible either.
The earnings history for this ticker is thin on reaction data — the July 14 print generated a negligible move of roughly -0.3% on the day and -0.2% over five sessions, which tells you the releases are not moving the stock dramatically in either direction. The next event is not until October 13, leaving a long gap before the next scheduled catalyst.
What to watch in the coming sessions is whether the short score — stable but not retreating — begins to drift lower now that the earnings overhang has cleared, or whether a new catalyst prompts fresh positioning in a stock that, for now, the lending market has priced as entirely uncontested.
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