The following is a list of heavily shorted stocks reporting earnings on Friday, July 23. Of course, short-sellers do their homework, and this list can be perceived as being very risky. But how will these stocks react if earnings surprise on the upside?

Here is an interactive graph of all the stocks in the screen. More detailed analysis follows below.*(Click to enlarge)*

For this analysis, we'll focus on short float and short ratios. To give perspective on the liquidity position of these stocks we also include Price / Cash ratios. The list has been sorted by short float.

* 1. The Great Atlantic and Pacific Tea Company, Inc. (GAP)*: Grocery Stores Industry. Short float of 54.15%, which implies a short ratio of 19.6 days. Price/Cash ratio of 0.87.

* 2. Digital Realty Trust Inc. (NYSE:DLR)*: REIT. Short float of 17.15%, which implies a short ratio of 10.44 days. Price/Cash ratio of 96.27.

* 3. Excel Maritime Carriers, Ltd. (NYSE:EXM)*: Shipping Industry. Short float of 13.49%, which implies a short ratio of 4.3 days. Price/Cash ratio of 4.21.

* 4. Wilmington Trust Corporation (NYSE:WL)*: Regional Bank. Short float of 10.79%, which implies a short ratio of 6.14 days. Price/Cash ratio of 5.27.

* 5. InterMune Inc. (NASDAQ:ITMN)*: Biotechnology Industry. Short float of 9.19%, which implies a short ratio of 1.43 days. Price/Cash ratio of 3.47.

* 6. Skechers USA Inc. (NYSE:SKX)*: Apparel, Footwear and Accessories Industry. Short float of 8.73%, which implies a short ratio of 2.14 days. Price/Cash ratio of 5.11.

* 7. Ford Motor Co. (NYSE:F)*: Auto Manufacturer. Short float of 8.57%, which implies a short ratio of 2.64 days. Price/Cash ratio of 1.69.

* 8. United Community Banks, Inc. (NASDAQ:UCBI)*: Regional Bank. Short float of 6.72%, which implies a short ratio of 7.16 days. Price/Cash ratio of 2.92.

* 9. Ryder System, Inc. (NYSE:R)*: Rental and Leasing Services Industry. Short float of 6.29%, which implies a short ratio of 3.58 days. Price/Cash ratio of 19.88.

* 10. Ingersoll-Rand Plc (NYSE:IR)*: Diversified Machinery Industry. Short float of 6.27%, which implies a short ratio of 4.04 days. Price/Cash ratio of 19.77.

* 11. RAIT Financial Trust (NYSE:RAS)*: Property Management Industry. Short float of 6.14%, which implies a short ratio of 1.38 days. Price/Cash ratio of 9.01.

**Disclosure: **No positions