The relentless beatdown of all those who have bet against Elon Musk and Tesla's (TSLA) stock has been well-chronicled. In fact, that ill-fated wager owns the crown of "worst short call ( )" of the past five years, beating out other notable short-slayers like Apple (AAPL) and Amazon (AMZN).
Of course, not all shorts have been caught on the wrong side of the technology leaders of this stock market bull run. Plenty have managed to ride this year's volatility to cash in on the struggles of some of the market's biggest names.
Topping the list of winners for those who bet on falling stocks, according to S3 Partners data cited by the ValueWalk blog (), is oil giant ExxonMobil (XOM), which has delivered mark-to-market profits of $1.7 billion so far this year for short sellers. Rising crude inventories and dropping oil prices have been a gift to short-sellers, as the stock has lost more than half its value so far this year. It didn't help that ExxonMobil lost its status as a Dow component ( ).
Next up, AT&T (T), the telecom company which has been bogged down with a hefty debt load, job cuts and asset sales. Music to the shorts' ears, as they've enjoyed mark-to-market profits of more than $1.5 billion.
Rounding out the list of the top five best shorts are Wells Fargo (WFC) and Simon Property Group (SPG) , both with more than $1.3 billion in profits for shorts, and Raytheon (RTX) , which has resulted in a $1.2-billion win.
Meanwhile, the bears enjoyed a steep selloff to start the week for U.S. stocks. At last check, Tuesday's trading session saw the Dow Jones Industrial Average , Nasdaq Composite and S&P 500 hold mostly steady after the dismal showing in the Monday session.
-Shawn Langlois; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
October 27, 2020 10:10 ET (14:10 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.