Bears Circle MiniMed as Short Interest Tops 100%

MMED is the standout short interest story this week. The medical device maker's SI % of Free Float hit 102.9%, up 24 points in just seven days. Shares to borrow are nearly impossible to find. Availability stands at just 1.1% of short interest, with a cost to borrow of 43% APR. That combination is a classic short squeeze setup.

WOLF, the silicon carbide chipmaker, sits at 84.2% SI % FF. Bears added another 3.7 points over the past week. Availability is zero. With 11.3 days to cover and no shares to borrow, any positive catalyst could force rapid covering.

Medtronic is a new entrant worth watching. SI jumped from 1.5% to 4.6% in seven days, a 3-point rise for a $112bn large-cap. That is an unusual move at this size, and bears appear to be positioning ahead of the earnings season now opening across the market.

On the other side, short covering picked up in SIG and CHWY. Signet Jewelers shed 2.4 points of SI to 14.7%. Chewy fell 2.3 points to 66%. Both remain heavily shorted, but the direction of travel has shifted.

Q3 earnings season kicked off this week with big banks reporting. JPM, GS and WFC are all in focus. Short sellers in the sector appear to have trimmed ahead of results, consistent with recent covering trends across financials.

LUCK, Lucky Strike Entertainment, carries a 95.5 ORTEX short score with 30 days to cover and CTB of 28.6%. Down 31% in three months, bears have shown no sign of letting up.