Short sellers seem to have ignored the strong earnings released recently by Intel (NASDAQ: INTC) and IBM (NYSE: IBM). They have, for the most part, bet strongly that the stocks in many large tech firms will drop.
For the period which ended April 15, shares sold short in Intel rose 26% to 71.5 million. The short interest in Nvidia (NASDAQ: NVDA) was higher by 29% to 23.9 million. The short position in Adobe (NASDAQ: ADBE) was up 46% to 23.6 million.
Enterprise tech shares were also widely shorted. Shares short in Seagate (NASDAQ: STX) increased 44% to 17.9 million. The short interest in Oracle (NASDAQ: ORCL) was higher by 14% to 23.8 million. Shares sold short in Cisco (NASDAQ: CSCO) increased by only 4% to 56.7 million. It may be that investors think that its stock has already taken such a beating because of growth sales problems that it will not trade any lower for now.
Douglas A. McIntyre
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