Bears Pile In: MGM, Wolfspeed, Hertz in Focus

Short sellers have been busy this week. ORTEX data to 5 November shows fresh positioning across several well-known names, with MGM Resorts drawing the most attention among larger-caps.

MGM's SI % of Free Float climbed 2.1 percentage points in five days to 14.3%. News flow flagged bears loading up on the casino operator alongside chip names. The move is notable given MGM's near-$8B market cap.

Wolfspeed remains one of the most heavily shorted mid-caps in the US. Short interest sits at 88.9% of free float. That is up another 2.2 points over the past week. Availability has fallen to zero, meaning there are virtually no shares left to borrow. A squeeze could be violent if sentiment shifts.

Hertz carries a cost to borrow of 470% APR, one of the highest in the market. SI stands at 73.4% of float. Zero availability remains in place, trapping bears at extreme financing cost.

Conagra Brands is a less obvious name on the movers list. Its SI rose 2.2 points to 10.9% of free float. Conagra rarely features in short interest conversations, making the increase worth watching.

US payrolls hit a record October high since 1997 this week, with 159,293 thousand jobs added. Average hourly earnings also reached their highest October level on record at $38.00. Strong labour data can pressure consumer-facing shorts if spending holds up.

Lucid Group stays stubbornly in the top-10 by SI % of free float at 66.1%, with cost to borrow at 14.6% and availability near zero.