{"id":8273,"date":"2008-08-04T00:00:00","date_gmt":"2008-08-04T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"short-sellers-hack-into-fortescue","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/08\/2008\/short-sellers-hack-into-fortescue.html","title":{"rendered":"Short sellers hack into Fortescue"},"content":{"rendered":"<p class=\"standfirst\"><strong>News.com.au- Iron ore tycoon Andrew Forrest is under attack from international hedge funds in a co-ordinated short-selling blitz against his Fortescue Metals Group &#8212; a campaign that has caused the company&#8217;s stock, and the executive&#8217;s paper fortune, to slump by more than 37 per cent in just over a month.<\/strong><\/p>\n<p>The company&#8217;s broker, Southern Cross Equities, has sent a note to clients that leaves no doubt as to why it considers the stock has fallen: &quot;FMG shares have been subject to an aggressive and co-ordinated shorting campaign from a high of $13.15.&quot; <\/p>\n<p>The stock went as low as $7.91 on Tuesday but by Thursday had rebounded to a $8.70 close on a day of particularly heavy trading, with 45.5 million shares going through. <\/p>\n<p><strong><a target=\"_blank\" href=\"http:\/\/www.hedgeco.net\/news\/news_land.php?i=http:\/\/www.news.com.au\/dailytelegraph\/story\/0,22049,24123962-5014099,00.html\">Read Complete Article<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>News.com.au- Iron ore tycoon Andrew Forrest is under attack from international hedge funds in a co-ordinated short-selling blitz against his Fortescue Metals Group &#8212; a campaign that has caused the company&#8217;s stock, and the executive&#8217;s paper fortune, to slump by [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[1889,1890,1785,1891,1888,353,976,620],"class_list":["post-8273","post","type-post","status-publish","format-standard","hentry","category-syndicated","tag-asian-equities","tag-business-models","tag-corp-ltd","tag-march-17","tag-market-rumours","tag-stocks","tag-town-hall","tag-upfront"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/8273","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=8273"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/8273\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=8273"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=8273"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=8273"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}