Short Sellers Move Back Into Financial Shares, Ignore Tech: Flee Apple (AAPL),Google (GOOG) And Amaz

Dec. 9, 2009 - PRLog -- Shorts pushed into Citigroup , increasing their positions by 11% to 216 million shares making the bank stock the most shorted among all US companies. Bets against Bank of America  rose 13% to 75.5 million shares and 2% against Wells Fargo  to 77.2 million.

Short selling made very large gambles against the big companies in the retail sector probably based on the belief that holiday sales will be weak. Shares short in Wal-Mart  rose 37% to 28.2 million. The short interest in Macy’s  was up 13% to 40 million shares. Shares short in Barnes & Noble  rose 15% to 17.1 million The short interest in Office Depot  was higher by 20% to 21.7 million, and shares sold short in Nordstrom  were up 15% to 21.8 million. However, shares short in e-commerce leader Amazon  dropped by 13% to 17.1 million.

Short sellers appear to think that the results for airlines and hotels will be good in the near term. Shares sold short in Southwest  fell 9% to 26.1 million. The short interest in Marriott  was down 7% to 33.2 million. Shares short in Delta  fell 15% to 24 million.

Among big tech stocks, shares sold short in Dell  rose 35% to 37.9 million. Most other changes in hardware and software stocks were modest. Share short in Microsoft  fell 18% to 64 million. The short interest in Intel  fell 4% to 52.6 million. Shares sold short in Cisco  rose 2% to 42.4 million. The short interest in Nvidia  rose 3% to 34.3 million. The short interest in Symantec  was down 1% to 21.7 million. Shares short in RIM  rose 1% to 22.3 million.

The short interest in Oracle  fell 14% to 21.6 million ahead of the EU decision on the company’s buy-out of Sun . The market reacted well to the restructuring of Electronic Arts  as its short interest was up only 2% to 21 million shares. Investors are betting that Palm  will have a rough fourth quarter sending shares short up 19% to 56.5 million.

Among tech giants, shares short in Apple  dropped 14% to 13.5 million ahead of the holiday sales period. Shares short in Google  fell 11% to 3.8 million.

From: http://www.onThesource.com

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