Khadija Saeed

Sandisk Corp shares climbed 0.5% to $503.44 by 9:34 a.m. EST Friday, hovering near yesterday’s highs. S3 Partners noted that “short sellers have moved in lockstep over the last few months, utilizing a reversal strategy by shorting aggressively into the rally.” Bloomberg reported short interest jumped to 7.5% of the float, up from around 4% since early November, piling on roughly $3 billion in unrealized losses on those short positions.