Carson Block’s Once-Perfect Short-Sale Resume Loses Luster

The latest bearish trade from Muddy Waters LLC, the short seller founded by Carson Block, isn’t getting the sort of market traction previous wagers have.

While shares of Noble Group Ltd. fell 5.5 percent Thursday after Block followed Iceberg Research in questioning the Singapore-listed commodity trader’s cash flow and management, it’s a far cry from the average 20 percent drop he’s gotten on 11 previous occasions. In part, he may just be a little bit late to the trade. The stock had already declined 38 percent in the 10 months prior to his report.