QOR’s shorts evaporate (-3.28σ) as TWE barges into the top 10

This Week's Analysis

QOR didn’t drift lower. It vanished. Short interest collapsed from 1.63% to 0.14% (-1.49%) in a single week — a -3.28-sigma move versus its own 13-week norm — extending a 4-week run of covering 1. The timing matches QOR’s 2026-07-20 removal from the Official List 1. When the listing goes, the short book doesn’t get a vote.

At the top of the leaderboard, LOT remains the market’s anchor at 22.80% short, unchanged on the week 2. But “unchanged” doesn’t mean “easy”: 14.7 days-to-cover keeps it in crowded-exit territory if the positioning ever flips 2. DMP (13.79%, -0.12%) and FLT (12.38%, -0.03%) both eased, but the liquidity maths is the real story: DMP sits at 37.2 days-to-cover and FLT at 22.9 2. Those are positions that can turn into price action. The new face is TWE — NEW TO TOP 10 at 10.57% short 2. It’s also slow to unwind at 31.9 days-to-cover 2, even after a +4.19% weekly lift to $4.72 4. The fundamentals explain why the short base hangs around: TWE reported a net loss after tax of $649.4 million for H1 FY2026 and suspended its dividend for the half 5. CAR quietly firmed to 11.59% (+0.14%) with 30.4 days-to-cover 2. That’s a sticky bet, not a trade.

Movers Analysis

Outside the delisting-driven air pocket in QOR, the action was more about campaigns than panics. TPW is the cleanest “build” this week: short interest rose from 7.32% to 7.52% (+0.20%) for a 4-week streak 2. The tape backed the shorts: TPW fell -5.05% to $5.08 on the week 4. And while the business printed H1 FY26 revenue of $375.9 million (+20%) and profit after tax of $5.762 million (down 35.8%) 6, the short interest kept grinding higher anyway. IMM led the risers: 3.22% to 3.64% (+0.42%) on a 2-week streak 2, alongside a -16.67% weekly drop to $0.05 4. Two “contrarian adds” stood out: S32 (1.27% to 1.41%, +0.14%) rose +2.77% to $4.08 4, and NHC (4.51% to 4.65%, +0.14%) rose +3.07% to $5.38 4. On the covering side, EOS (7.10% to 6.48%, -0.61%) and EML (3.73% to 3.12%, -0.61%) both saw shorts unwind into weakness — EOS fell -14.30% to $6.89 and EML fell -5.88% to $0.32 4. That reads like risk reduction. JHX also saw shorts step back (4.58% to 4.15%, -0.42%) as the stock rose +4.48% to $36.59 4. ELD eased from 10.87% to 10.50% (-0.37%) with the price up +1.44% to $5.63 4.