First of all, short selling exploded for airlines and logistics companies. For instance: funds sold 6% of shares in Scandinavian Airlines (SAS) and 1% of shares for tour group Go-Ahead (GOG).
As the same time, shorts ran screaming from cars, trains, and hotels, since these were industries which benefited. For example, investors added shares in Hertz Global (HTZ) and Accor SA.
So far it all seems predictable.
Yet the report also found unintuitive patterns, like a bullish move for one airline. Air France (AFLYY) sailed through the crisis by increasing flights from Madrid. Investors also poured into British Sky Broadcasting (BSY), hoping that the disaster would increase TV ratings.
Oddly, among the losers were marine transport and pharmaceutical companies. Data Explorers did not specify how these industries were related to the volcano, perhaps it was just noise.
While long-term effects of the volcano are unknown, and could be substantial if eruptions continue, any contrarian worth his or her salt should pick through the wreckage. You can see more from Data Explorer here.
Don’t miss: 20 Winners And Losers From The Volcano Crisis
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