Earnings Week Dominates — Bears Dug In

Markets face a defining 48 hours. Over 1,800 companies report this week. The positioning data tells a stark story: shorts are leaning in hard ahead of the biggest prints.

Earnings in Focus

PLTR kicks things off today after the close. AMD and CAT follow Tuesday. Wednesday brings LLY, the $1 trillion pharma leader whose GLP-1 results will set the tone for the whole sector. BKNG also reports Tuesday — and notably, short sellers have been retreating there. Bears appear to be picking their battles rather than fighting every name.

Bears Pile Into High-Risk Names

The most aggressive positioning sits in names with the most to lose. HTZ short interest hit 84.6% of free float. Availability is zero — no shares left to borrow. CHWY jumped from 72% to 82% SI in one week as bears rebuilt ahead of its print. SOUN is a squeeze setup: 43% SI, cost to borrow at 15.1% APR, and zero availability. LCID has borrow locked out entirely with options market on edge.

Analysts Cut Three Names

JCI, BMY, and ZBRA all saw downgrades on August 2. Bristol-Myers Squibb's consensus target edged down to $64.91. Meanwhile, analysts are piling into HONA — Honeywell Aerospace — ahead of its first full earnings season as a standalone company.

Macro Backdrop

The FT flagged a notable development in currency markets. The New York Fed intervened in the yen market, selling euros to buy yen. The Japanese yen jumped 3% on intervention speculation. South Korean stocks soared 18% as AI-related buying returned. SNDK heads into its print with a collapsed short base and analysts sitting nearly $1,000 above the current price.