Banking, finance, and taxes
Short Sellers Can't Make Up Their Minds on Major Banks
Published:
Last Updated:
The financial sector was a major part of the Great Recession, and it has been a major part of the recovery and raging bull market since then. Generally speaking, the major financial institutions in the United States are a good barometer of the current state of U.S. markets.
So when short sellers make a play against these major banks, they are effectively betting for a downturn. Conversely, when they back off they might be expecting a surge. Granted, some plays are directly against individual companies, like we saw with Wells Fargo early in 2017.
The October 15 short interest data have been compared with the previous figures, and short interest moves in these selected big bank stocks were mixed.
Bank of America Corp. (NYSE: BAC) saw its short interest fall to 116.67 million shares. The previous level was 124.30 million. Shares were last seen trading at $26.19, in a 52-week range of $25.81 to $33.05.
The number of JPMorgan Chase & Co. (NYSE: JPM) shares short fell to 16.68 million from the previous level of 18.66 million. Shares recently traded at $103.29, in a 52-week range of $95.95 to $119.33.
Citigroup Inc. (NYSE: C) short interest decreased to 17.28 million from the previous level of 18.37 million. Shares were trading at $63.80, in a 52-week range of $63.18 to $80.70.
Wells Fargo & Co. (NYSE: WFC) short interest rose to 22.03 million shares from the previous reading of 19.66 million. Shares were trading at $50.19, within a 52-week range of $50.02 to $66.31.
Short interest in Goldman Sachs Group Inc. (NYSE: GS) increased to 4.39 million shares from the previous 3.53 million. The stock recently traded at $209.18, within a 52-week range of $208.40 to $275.31.
Morgan Stanley’s (NYSE: MS) short interest for this settlement date was 11.24 million shares, down from the previous 12.54 million. Shares were changing hands at $43.49, in a 52-week trading range of $42.88 to $59.38.
Is Your Money Earning the Best Possible Rate? (Sponsor)
Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.
However, by moving that money into a high-yield savings account, you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks, you can set up a high-yield savings account and start earning interest immediately.
There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
