Saks Disappoints Shorts with Surprise Earnings

Nov.18.09 | About: Saks Incorporated (SKS)

Saks (NYSE:SKS) reported surprising results; much better than the market expected, sending its share price up 5%. The short side of the market will be sorely disappointed.

The short base (percentage of shares outstanding on loan) is currently at 31% representing 71% of the total shares available for borrowing. The cost to borrow remains low with about 9 days to buy back the stock.