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Investing

Shorts See Market Bottom, Flee Financials (MER)(BAC)(LEH)(ABK)(WB)

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By Douglas A. McIntyre Updated Published
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AngrybearShort sellers believe that they have seen the bottom for financial shares and exited the industry en masse.

Shares sold short in Merrill Lynch (MER) fell 12.6 million to 42.3 million. Short interest in Bank of America (BAC) dropped by 12.3 million to 112.8 million. Share short in Lehman (LEH) fell 11.5 million to 70.6 million. Short interest in Ambac (ABK) fell 8.3 million to 83.5 million. Shares short in Wachovia (WB) dropped 6.4 million to 271.9 million and the short interest in Wells Fargo (WFC) dropped 7.4 million to 165.8 million.

Short sellers also moved away from big tech. Shares short in Intel (INTC) fell 23.7 million to 82.6 million. The short interest in Dell (DELL) fell 4.7 million to 60.3 million. Shares short in Cisco (CSCO) fell 9.2 million to 60.1 million. Shares short in Sun (JAVA) dropped 11 million to 45.8 million. Short interest in Microsoft (MSFT) dropped 1.6 million to 54.2 million. Shares short in Motorola (MOT) dropped 13.9 million to 43.4 million. Short interest in AMD (AMD) dropped 13.4 million to 93.4 million.

Other major changes in short positions included an increase of share short in Juniper (JNPR) of 4.7 million to 26.5 million. Shares short in Starbucks (SBUX) dropped by 14.9 million to 37.6 million.

Short interest in Ford (F) dropped by 14.7 million to 311.3 million. Short interest in Sprint (S) rose 15.2 million to 88.5 million.

Douglas A. McIntyre

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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