Traders betting against Netflix lost $287 million on the streaming giant's earnings beat — erasing all of their gains for the year
Short sellers — which aim to make money by wagering that a stock will fall — erased all of their gains for the year after shares of Netflix surged as much as 8% on Thursday following its latest earnings beat. The stock alsoThat amounted to a roughly $287 million bloodbath for short sellers — a $44 million mark-to-market loss on Wednesday, plus a $243 million on Thursday.
Netflix shorts are now down more than $238 million in mark-to-market losses this year, according to data from financial analytics provider S3 Partners. Further, shorts have absorbed a $645.5 million loss for the month of October alone, S3 said in an email to Markets Insider.
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