EquiLend Borrow Quantity has climbed without pause in The Campbell’s Company (CPB) so far this year, reaching 83 million shares, up 172% year to date, and driving EquiLend Utilization above 80%. EquiLend Cost to Borrow has also risen from near-GC rates six weeks ago to a peak of about 880 bps last week. This follows a previous rate inflection in late March, when borrow costs also surged over 800 bps amid credit downgrades.

In January, Fitch cut Campbell’s debt rating to BBB-, and subsequent developments have continued to weigh on investor concern. Q2 results in March were bad enough that five analysts downgraded in a single week, with Bernstein turning outright bearish. The Q3 report on June 8 added further pressure, with profits from their snacks sector continuing to slide, tariff costs showing no sign of easing, and the CFO announcing his departure for July. EquiLend data shows borrow demand continuing to rise even as the stock has already shed about 40% and lost its S&P 500 seat in the past year, suggesting bears see further room to fall.

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