S3 Partners Head of Research Ihor Dusaniwsky highlighted the top 5 performing short positions measured by mark-to-market profits for the week ended July 14th, utilizing proprietary analytics to track $831 billion dollars worth of short positions.

1. SNAP (NYSE: SNAP) shares have experienced consistent deterioration over the last 2 months, touching record lows last week, before finishing negative by 11.1%. Bears in the name gained $119.2 million in mark-to-market profits against an average short position of $1.144 billion, resulting in 10.42% return for short speculators, with SNAP is down 50% since its IPO

2. Shorts in AT&T (NYSE: T) gained $103.7 million in mark-to-market profits on an average short-interest position of $5.68 billion dollars, as a number of downside catalysts from a BofA/Merrill price target cut by David Barden to lower expectations for tax reforms, helped push the shares lower by nearly 2% for the week.

3. Best Buy (NYSE: BBY) got its turn in the Amazon (NASDAQ: AMZN) vortex with news AMZN would form its own Geek Squad to help customers with home installation of electronics and other products. Shares of BBY fell 4.5% on the report, allowing shorts to pocket $87.8 million in mark-to-market profits. A welcome reprieve for bearish speculators in BBY, as the shares are up roughly 30% in 2017.

4. Tesaro (NASDAQ: TSRO) fell over 6% last week following reports suggesting a sale of the biotech company was unlikely, in the absence of suitable offers, even as management won recent FDA approval for PARP inhibitor drug, Zejula. Traders held an average short position of $1.137 billion, generating profits of $73.6 million last week, fueled by the non-sale news, for a 6.47% return.

5. Bank of America (NYSE: BAC) released strong first quarter earnings that topped analyst expectations, similar to most names in the banking sector, yet saw some initial selling after the reports, as investors become more skeptical of Trump's ability to pass regulatory reform or tax reform. Bearish speculators took advantage of this divergence between earnings results and share performance, generating $69.5 million in mark-to-market profits on average short interest position of $2.76 billion.

Source: www.s3partners.net