Short bets against TD Bank surge 45% in two weeks to hit $6.1 billion amid investor skepticism toward its planned First Horizon takeover
Bearish stock bets against TD – the most shorted bank in the world – surged to $6.1 million on Wednesday, marking a 45% increase from two weeks earlier, according to ORTEX calculations,It comes as traders question the bank's planned takeover of US regional bank First Horizon, according to the publication.
The lender first announced its $13.4 billion buyout of First Horizon in February 2022. But sentiment has turned against regional banks following the collapse of Silicon Valley Bank, and TD's shareholders are subsequently skeptical about the deal now. "I think that short interest was elevated by arbitrage investors betting on the deal ... suggesting that the market believes that the deal is at risk of closing," James Shanahan, an analyst at Edward Jones told the outlet.
TD shares were down 0.55% to $61.79 apiece in after-hours trading on Wednesday. Meanwhile, First Horizon shares gained 3.01% to $19.15 in pre-market trading on Thursday.
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