01 September 2017
London
Reporter: Drew Nicol

JCPenney and Snap on top of FIS hot stocks


High street retailer JCPenney and Snap, owner of photo sharing app Snapchat, led the FIS Astec Analytics hot stocks list for the Americas for the week starting 21 August.

JCPenney saw short interest in its shares increase by 8 percent, which FIS noted is a 12-month high.

Conversely, the retailer's share price also rose 7 percent to $3.85 following the launch of a new clothing line, Frank + Lulu, combined with the purchase of a total of 185,135 shares by two of the company’s directors.

This was a small change, however, given that the retailer is still a long way from recovering the 61 percent loss its share price has suffered since August 2016.

In the technology world, Snap has experienced a short interest increase of 53 percent, representing a level of volatility that is to be expected from a product that is inexorably linked to user volumes.

The reasons for price fluctuations in stocks such as Snap are always up for debate, but FIS stated: “With borrowing costs relatively low, it is less likely that new lenders have been attracted by the fees on offer, but the recent upward trend in the share price—an increase of 25 percent over the last two weeks—could have attracted new institutional buyers into the share, hoping that the recent record low of $11.83 won’t be repeated any time soon.”

More news
The latest news from Securities Lending Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
NEX Regulatory Reporting made trade repository under EMIR
24 November 2017 | London | Reporter: Jenna Lomax
The trade repository, which will be based in Stockholm, Sweden, will prepare NEX for its trade operations post Brexit
Al Ramz Capital gains short selling licence
24 November 2017 | Abu Dhabi | Reporter: Jenna Lomax
Al Ramz Capital is one of the first investment providers to offer short-selling in the UAE
BNP Paribas bolsters its senior agency lending roster
24 November 2017 | London | Reporter: Drew Nicol
Adnan Hussain moved from RBC to take up a role as global head of agency lending and head of market and financing services in the UK for BNP Paribas
Hedge funds continue 2017 run
23 November 2017 | Madrid | Reporter: Drew Nicol
Global AUM of hedge funds rose 24 percent to $3.2 trillion in the past two years, according to data captured by IOSCO’s latest market survey.
Goldman Sachs appointed by Thrivent for agent lending
23 November 2018 | Minneapolis | Reporter: Jenna Lomax
Thrivent Financial has appointed Goldman Sachs as it new lending agent
ICMA maps repo and cash bond operations
22 November 2017 | Zurich | Reporter: Zsuzsa Szabo
ICMA has launched a free-to-read mapping directory for more than 80 technology solutions for repo and cash bond operations
FCA publishes MiFID II guide
22 November 2017 | London | Reporter: Jenna Lomax
The guide focuses on the regulatory regime in MiFID II for trading venues and data reporting services providers