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Fear a factor in short attraction to Playboy; Activity up 124% on bet that gov't will butt in.(Markets)
Crain's Chicago Business, May, 2005
Byline: JEREMY MULLMAN Short-sellers are swarming the stock of Playboy Enterprises Inc. despite improving fundamentals at the Chicago porn purveyor. Analysts say the short-sellers' most likely inspiration is fear of the increasing social and political clout of cultural conservatives, who in March successfully forced Adelphia Communications Corp.
to drop some of Playboy's most explicit programming from its cable system. Newly minted U.S. Attorney General Alberto Gonzales has also hinted at a crackdown on cable indecency. As of May 9, 2.7 million Playboy shares, more than 12% of the total, were sold short. That's up 124% since February. Short sellers sell borrowed stock, betting the price will fall. The sharp increase in short interest has coincided with a...
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