Meredith Corporation (MDP), the media and publishing company, posted a 45% drop in fiscal Q3 profit back in late April. The company announces its fiscal Q4 earnings at the end of July.
The short base (as measured by Percent Shares Outstanding On Loan) is up nearly 20% on the week and currently stands at 11.25%. Since the beginning of June, MDP has seen a 17% drop in its stock price, while at the same time its Utilization (which measures supply and demand in the securities lending market) has increased 43% to just under 50% of all lendable stock on loan. The increase in Utilization has not just been down to an increase in the short base, we have seen a drop in the total supply of roughly 20% since January.