Short Sellers Move Into Banks, Out Of Tech (C)(BAC)(WFC)(DELL)(INTC)(CSCO)(MSFT)

Banking, finance, and taxes

Published: May 12, 2009 3:18 am

Last Updated: April 28, 2020 4:50 am

Short sellers may have helped themselves by moving out of tech stocks just as shares in the sector began to make big advances.

In the period ending. May 11, short interest in Microsoft (MSFT) fell 10% to 79.7 million shares. Shares sold short in Cisco (CSCO) fell 9% to 68.6 million. The short interest in Juniper (JNPR) was off by 5% to 52.4 million. Shares short in Oracle (ORCL) were down 2% to 50.3 million.

The only significant deviation in the retreat of short in selling in the tech sector was PC and chip stock in companies where revenue has been weakened by global demand. Share short in Dell (DELL) rose 14% to 41.2 million and the short interest in Intel (INTC) moved up 6% to 85.6 million.

The recovery in bank stocks will not last if short positions are any indication, but the results of stress tests may squeeze shorts out of these stocks. Shares sold short in Citigroup (C) rose 3% to 1,270 million. The short interest in Bank of America (BAC) was up 11% to 174.4 million. Shares short in Wells Fargo (WFC) moved up 8% to 161.7 million.

Douglas A. McIntyre

100 Million Americans Are Missing This Crucial Retirement Tool

The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.

Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.

A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.

Click here to learn how to get a quote in just a few minutes.