Charter Communications, the ultra-troubled cable firm, watched shares short in the company’s stock rise by 14.2 million to 76.2 million shares. It was the largest increase in a short position in December for a stock traded on Nasdaq.

The company is awash in debt. The stock has gone from a 52-week low of $.88 to a recent price of $3.16. Wall St. may think that is just too far, too fast. The stock has gotten some analyst upgrades recently, but the company’s shares have not advanced in a month.

To quote Morningstar’s most recent analysis of the stock: "Pursuing growth while supporting a dangerously high level of debt is a delicate balance that we are not confident Charter can achieve without a major restructuring."

The stock is too expensive.

Douglas A. McIntyre can be reached at douglasamcintyre@247wallst.com. He does not own securities in companies that he writes about.