Since Sun Microsystems (NASDAQ:JAVA) and CMGI (NASDAQ:CMGI) have recently completed reverse stock splits, we wanted to see what short sellers had done in the stock. Short sellers often pile on more pressure with added short sales betting against stocks who perform reverse stock splits.
The following data is based on the Trade Date of November 27 and the Settlement Date of November 30:
Sun Microsystems (NASDAQ:JAVA) had an adjusted 11.101 Million shares listed in its short interest after accounting for its reverse stock split. What is interesting is that from mid-November that is a drop of some 30.5% in the short interest. Maybe there is some love after all.
CMGI, Inc. (NASDAQ:CMGI) had an adjusted amount of 3.585 Million shares listed in its short interest after accounting for its recent reverse stock split. This represents only a gain of 2.29% in the short interest from mid-November on an adjusted basis.
Sun Microsystems used to trade under the "SUNW" stock ticker, and even had the "JAVAD" ticker briefly, and CMGI traded briefly under the "CMGID" stock ticker while that was a pending reverse split.
Jon C. Ogg
December 12, 2007
Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.
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