Shorts Flee Tech Stocks (MSFT)(INTC)(ORCL)(CSCO)
Short sellers moved out of tech stocks in large volumes at mid-month. Based on short interest figures as of August 14, shares short in Intel (INTC) fell 33% to 88.3 million. The short interest in Microsoft (MSFT) was down 4%…
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Among other widely followed stocks traded on Nasdaq, shares short in Sirius XM (SIRI) fell 11% to 119.6 million. Shares short in Level 3 (LVLT) were down 5% to 93.8 million. The short interest in Starbucks (SBUX) was up 10% to 44.3 million.
Short sellers upped their positions in most large financial firm shares. The short interest in Citigroup (C) rose 82% to 624.6 million. Shares sold short in Bank of America (BAC) rose 28% to 118.1 million. The short interest in Fannie Mae (FNM) rose 26% to 69.3 million.
Share short in all three major telecom companies rose. AT&T (T) shares sold short rose 8% to 42.9 million. Shares short in Verizon (VZ) rose 12% to 38.9 million. The short interest in Sprint (S) was up 16% to 71.5 million.
Among large retailers, the short interest in Target (TGT) rose 17% to 30,5 million shares. Shares sold short in Macy’s (M) fell 11% to 36.2 million. The short interest in JC Penny (JCP) fell 18% to 15.8 million.
The largest single move among major stocks was a 138% increase in shares sold short in E*Trade (ETFC) to 323.9 million.
Data from Nasdaq and NYSE.
Douglas A. McIntyre
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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.
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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.