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Shorts, Back In Financials, Probably Got Buried. Cut Bets On Tech

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By Douglas A. McIntyre Updated Published
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Short sellers were figuring that after the bank rally late last month, banks shares were likely to give back some gains. That was working until Wells Fargo (WFC) reported that it would have a good Q1, which probably resulted in a huge short squeeze in bank stocks.

As of the last day in March, shares sold short in Citigroup (C) were up 21% from two weeks earlier to 1.2 billion. Shares short in AIG (AIG) rose 54% to 281 million. The short interest in Wells Fargo was up 8% to 168 million. Shares sold short in JP Morgan (JPM) rose 26% to 70 million. The short interest in US Bancorp (USB) was up 18% to 76 million.  Shares short in Fifth Third (FITB) were higher by 22% to 58 million.

In the tech and internet sectors, shorts backed out of most big stocks. Shares short in Orcacle (ORCL) dropped 12% to 49 million. The short interest in Dell (DELL) dropped 3% to 43 million. Shares short in Nvidia (NVDA) were down by 12% to 38 million. The short interest in Broadcom (BRCM) fell 17% to 36 million. Shares short in Symantec (SYMC) were down 12% to 28 million . The short interest in Amazon (AMZN) dropped 13% to 26 million.

Among stocks with large short interests, the positions in Sirius (SIRI) moved up 12% to 181 million. Shares short in Sun (JAVA) fell 41% to 22 million. Shares sold short in Ford (F) fell 4% to 237 million, and the short interest in GE (GE) rose 6% to 211 million shares.

Data from NYSE and NASDAQ

Douglas A. McIntyre

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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