(Bloomberg) -- A bad week for short sellers is getting worse.
After suffering a major blow from wrong-way bets on rental-car company Avis Budget Group Inc., bears are facing another setback from Bed Bath & Beyond Inc., with the retailer's shares surging more than 50% in pre-market trading Wednesday.
That's adding to the pain for short sellers, a group that's almost been driven into extinction amid a rally that caused the S&P 500 to double in 19 months. A Goldman Sachs Group Inc. basket of the most-shorted shares jumped more than 3% for two days in a row, handing bears a stretch of big losses not seen since June.
The damage has been widespread. During the first two days of the week, one fifth of the members in Goldman's most-shorted basket are up more than 10%, including MicroStrategy Inc., one of the biggest corporate holders of bitcoin, and media companies FuboTV Inc. and Cinemark Holdings Inc.
Bed Bath & Beyond jumped after announcing accelerated share buybacks and the launch of a new digital marketplace for merchandise from third-party producers. Short interest accounted for 30% of its shares available for trading, according to data compiled by IHS Markit Ltd.
©2021 Bloomberg L.P.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
