CXO was slammed -17.2% yesterday following a production downgrade in the process rewarding the short sellers i.e. the stock is the 2nd most shorted company in the ASX with -10.1% of the stock held short. The issues stemmed from production guidance in FY25 which was significantly lower than originally expected. i.e. they were meant to meaningfully grow production in FY25 from FY24 however they guided to a flat outcome YoY. We simply see no reason to argue with the professional traders and tape with regard to CXO.
- We have no interest in catching this falling knife.
MM is neutral toward CXO, at best
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