Short Sellers Run for Cover From Major Semiconductors

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The short interest data have come out for the October 31 settlement date. It is important to note that semiconductor trends are considered to be leading indicators of technology and broader electronics demand. A strong rally in the tech sector largely pushed many of these companies to new highs, as the Dow and S&P have both hit new all-time highs. But currently markets can’t make up their mind now that the election is over, begging the question whether this tech rally is over.

The October 31 short interest data have been compared with the previous report. Short interest decreased for the most part in these selected semiconductor stocks.

Intel Corp. (NASDAQ: INTC) saw its short interest increase to 80.38 million shares. The previous level was 75.69 million. Shares closed Wednesday at $34.75, in a 52-week trading range of $27.68 to $38.36.

Advanced Micro Devices Inc. (NASDAQ: AMD) had a short interest decrease to 89.47 million shares from the previous level of 96.86 million. Shares closed Wednesday at $6.94, in a 52-week range of $1.75 to $8.00. Note that like Intel and Micron, AMD is one of the most shorted Nasdaq stocks.

Qualcomm Inc. (NASDAQ: QCOM) saw the number of its shares interest drop to 24.87 million, compared to the previous period, in which 27.68 million shares were reported short. Qualcomm shares closed most recently at $67.88, in a 52-week range of $42.24 to $71.62.

Applied Materials Inc. (NASDAQ: AMAT) short interest rose to 15.17 million shares. The previous reading was 14.22 million. Shares closed Wednesday at $29.13, in a 52-week range of $15.44 to $31.07.

Micron Technology Inc. (NASDAQ: MU) saw its short interest drop to 58.63 million shares from the previous reading of 60.85 million. Shares closed Wednesday at $17.20, in a 52-week range of $9.31 to $18.33.

Broadcom Ltd. (NASDAQ: AVGO) short interest slid just barely to 4.43 million shares in the period from the previous of 4.46 million. Shares closed most recently at $173.42, in a 52-week range of $114.25 to $179.42.