Shorts Boost Bets on BlackBerry (BBRY) Ahead of Q4 Numbers
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Traders might have been anticipating initial sales of BlackBerry (Nasdaq: BBRY) Z10 smartphones in the U.S. might have been a little "lumpy."
Heading into BlackBerry's fourth-quarter 2013 results Thursday, expectations for more downside on BlackBerry has significantly increased. From the end of February through middle of March, short interest on BlackBerry rose 5.3 percent to 155.01 million shares, or 31.36 percent of float. There are currently 524.16 million outstanding shares and 494.35 million in the public float.
Though the news might be dreary for investors, there is the potential for a massive pop to the upside if BlackBerry manages to top expectations. The Street is currently looking for the company to report a loss of 30 cents per share on revenue of $2.84 billion. Numbers compare to a break even loss with revs of $4.2 billion in the same period last year.
With BlackBerry's fiscal year ending in February, investors might get a taste of how Z10 sales are faring. Overall, company CEO Thorsten Heins has been positive on the reception of the device, though analysts have largely been mixed following checks and estimates.
Shares of BlackBerry are indicated higher Wednesday morning.
Heading into BlackBerry's fourth-quarter 2013 results Thursday, expectations for more downside on BlackBerry has significantly increased. From the end of February through middle of March, short interest on BlackBerry rose 5.3 percent to 155.01 million shares, or 31.36 percent of float. There are currently 524.16 million outstanding shares and 494.35 million in the public float.
Though the news might be dreary for investors, there is the potential for a massive pop to the upside if BlackBerry manages to top expectations. The Street is currently looking for the company to report a loss of 30 cents per share on revenue of $2.84 billion. Numbers compare to a break even loss with revs of $4.2 billion in the same period last year.
With BlackBerry's fiscal year ending in February, investors might get a taste of how Z10 sales are faring. Overall, company CEO Thorsten Heins has been positive on the reception of the device, though analysts have largely been mixed following checks and estimates.
Shares of BlackBerry are indicated higher Wednesday morning.
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