ZAGG Incorporated (NASDAQ:ZAGG), a manufacturer of protective coatings for consumer electronic devices (think mobile phones and other devices), reported Q1 2011 results on Tuesday. You can read the company's press release here. A brief summary of the results is below (click to enhance all images):
The stock is trading up almost $0.50 after hours after closing at $9.55 yesterday. Today will be an interesting day for the bears. The stock has a whopping short interest of 55.14% of float (primarily my reason for writing) according to FinViz. The Nasdaq site reports almost 8.3 millions shares sold short. That's a lot of bananas, and unless there is a whiff of smoke for long-term holders heading to the exits, the bears are going to be scrambling to cover.
Let's take a look at a longer-term chart:
This stock has a chance of taking out its all-time high today, depending on regular hours' reaction to the news. I briefly looked at this stock to take a speculative long position ahead of earnings (speculative positions=speculative money), because of the underlying strength in the products it protects coupled with the incredibly high short interest. I dithered and came up empty handed -- but today might afford an opportunity for nimble traders.