Some Apple employees have become disillusioned with the group's culture, where some have thrived while others feel sidelined.Technologyread more
Biden has shown staying power at the top of a jammed Democratic field even as polling numbers for Sanders, Warren and Harris wax and wane.2020 Electionsread more
The FDIC on Tuesday votes to approve a five-agency revision of the post-crisis regulation known as the Volcker Rule.Financeread more
The yield curve is the only economic indicator pointing to a recession, according to Credit Suisse.Marketsread more
Makan Delrahim, the assistant attorney general for the antitrust division, said a large group of bipartisan state attorneys general have spoken to the Justice Department about...Technologyread more
Stocks slipped on Tuesday as investors digested a sharp rebound from a strong sell-off last week.US Marketsread more
With the official launch of the Apple Card, Goldman Sachs has embarked on a multi-decade journey to becoming a leader in consumer banking, CEO David Solomon says.Financeread more
These are the stocks posting the largest moves midday.Market Insiderread more
The move comes as Facebook continues to grapple with its privacy practices and lawmakers' scrutiny over how it uses personal data to display ads. But it probably won't have...Technologyread more
For investors still haunted by last week's monster sell-off, the market's comeback is set to last, according to J.P. Morgan's quant guru.Marketsread more
An under-the-radar hedge fund is ruling the industry with a nearly 30% return this year on its long positions, and it's more than doubling its bet on gold.Marketsread more
Lyft's 4-day-old stock has encountered a new threat: Short sellers.
Tuesday marks the first settlement day for Lyft shares, allowing hedge funds to begin borrowing shares to settle short sales. And they came in full force — short sellers have borrowed $455 million worth of Lyft shares, or 6.61 million shares, according to IHS Markit.
Shorting the ride-hailing company is not cheap because there are not many shares available and it remains in high demand. In fact, it would cost a short seller more than 100 percent or about 27 basis points a day to fund a short stake in Lyft, the most expensive U.S. company with more than $5 million in balances to bet against, IHS Markit said.
"New IPOs often attract short sellers, who seek to capitalize on falling momentum after an IPO. Timing is the key, which is why short sellers are often willing to pay extraordinary borrow fees for IPOs," said Sam Pierson, securities finance analyst at IHS Markit, in a note Wednesday.
Short-selling is done by market players such as hedge funds who borrow shares of a stock from a broker and sell them, in the hopes of buying them back at cheaper prices later and returning them, profiting from the difference.
The short interest is adding more uncertainty to Lyft, which already had a rocky start to its public offering. The stock surged 9 percent in its debut, then tanked 12 percent on its second trading day, and it's still having a hard time getting back to its IPO price of $72.
"Even successful companies often stumble out of the gates," Pierson said, pointing out Facebook shares fell more than 50 percent during the first three months of trading.