Banking, finance, and taxes
Major Banks: Big Drop In September Short Interest (BAC, C, JPM, WB, WFC)
Published:
Last Updated:
It looks like short sellers decided to bail out of the money center banking stocks ahead of the FOMC decision on rates. This is consistent with the overall trends if you look at the total exchange short interest we discussed last night on the short interest dropping on NYSE and on AMEX for the first time in months.
Here we have a small table showing the short interest dropping in all of the money center and giant U.S. banking stocks:
Bank Stock (ticker) SEPT. AUG. %Change
Bank of America (BAC) 31.748M 41.285M -23.00%
Citigroup (C) 34.406M 40.521M -15.10%
JPMorgan Chase (JPM) 37.516M 45.234M -17.05%
Wachovia (WB) 36.059M 49.889M -27.70%
Wells Fargo (WFC) 47.395M 62.988M -24.75%
If you average this out, it appears that the overall short interest on a raw average of percentages was a drop of 21.52% from August to September 2007.
Jon C. Ogg
September 21, 2007
Essential Tips for Investing: Sponsored
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
