March 17, 2017 / 7:59 PM / a year ago

BUZZ-Snap Inc: Shorts in full-court press as shares slip

** Snap Inc tops list of stocks that saw the largest spike in short interest as a percentage of its float, for this week, per S3 Partners data

** Short interest in Snap’s newly-launched shares quickly climb to over half a bln shares, or 15 pct of its float, according to S3 Partners

** Snap continues to struggle after its flashy IPO; on Fri stock sunk to new low of $18.90 after breaking $20 for the first time in prior session

** The cost to short Snap shares dips below 1 pct, from as high as 40 pct when shares first became available for borrowing; ample supply of shares drives down cost of shorting Snap shares, S3 says

** Cognizant, Valeant, Alexandria Real Estate, TransDigm Group, make list of stocks that notched largest spikes in short interest

** Valeant’s shares fell sharply on Tues after billionaire investor William Ackman sold his entire stake in the struggling drug co

** Kite Pharma, Canadian National Railway, Consol Energy & USG among stocks that saw largest dips in short interest as a percentage of float, per S3

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