Nearly 10 per cent of shares in Afterpay-owner Block are shorted, while analysts are scrambling to reduce profit forecasts for retailers ahead of their profit reports.
Traders are lifting bets on pandemic-era sharemarket darlings tumbling in value as surging cost inflation and receding household wealth threatens to deliver a whipsaw earnings season next month.
and traders expect interest rates to reach 3.2 per cent in a wild macro-economic reversal yet to spillover into corporate profit guidance. In June UBS cut its financial 2023 sales forecasts for Adairs by 7 per cent, which translated into a 23 per cent fall in earnings per share estimates, and 29 per cent share price target reduction.
Passing the inflation costs on to consumers also becomes harder for companies with lower gross margins. In the example above, the first business would need to increase checkout prices by 6 per cent to maintain its margin, with the superior business needing to push through just a 3 per cent price increase.from $100.95 to $92.95 and warned Domino’s must either absorb the rising food COGS itself, or try to pass it through to franchisees.
Morningstar said short interest in the pre-revenue duo doubled over June as professional hedge funds bet against retail investors.
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