Short Sellers Back Off Conglomerates, July 2007 (GE, MMM, UTX, TXT, BAM, PHG, SI)

If you look at the conglomerate short selling despite the actual rise in NYSE short selling, it appears that the short sellers finally decided that these large cap and mega-cap conglomerates were finally ready to hold their own in the stock market for the attention of investment dollars.  Anyhow, there are some exceptions, but by and large the results speak for themselves.

Based on information received from members and member organizations,short interest increased to 12,950,726,148 from 12,467,283,409 as ofJune 15, 2007.

CONGLOMERATE (TICKER)        JULY      JUNE      CHANGE
General Electric (GE)                     59.15M   59.90M    -1.26%
3M Co. (MMM)                                  8.57M      9.95M      -13%
United Tech (UTX)                          9.13M      7.87M     +15%   
Textron (TXT)                                    1.26M     1.52M       -16%
Brookfield Asset Mgmt. (BAM)       1.49M     1.00M      +49%   
Philips (PHG)                                    946K      995K         -5%
Siemens (SI)                                     623K      1.02M       -39%

Jon C. Ogg
July 20, 2007

Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.