Shorts Move Out Of Big Retail And Consumer Products

JNJ

Short sellers are not willing to bet that shares in large retailers or consumer products companies will go any lower. The are gambling that consumer spending has bottomed.

Shares short in Wal-Mart (WMT) moved down 21% to 40.3 million shares. The short interest in Target (TGT) dropped 15% to 39.1 million.  Shares short in Home Depot (HD) were off 8% to 59.8 million.

The short interest in Johnson & Johnson (JNJ) dropped 24% to 25.6 million. Shares short in P&G (PG) dropped 17% to 30.3 million. Shares short in Coke (KO) dropped 20% to 20.5 million.

The short play on financials was mixed. Shares short in the “safest” big bank, Wells Fargo (WFC), were off 11% to 111.7 million. But, the short interest in Citigroup (C) was up 11% to 181 million. GE’s (GE) short interest moved up 17% to 168 million, probably on concerns about its financial unit.

Shorts did not make any meaningful move in or out of GM (GM) or Ford (F).

Short sellers began a move out of Big Tech.  Shares short in Intel (INTC) fell 14% to 94.6 million. The short interest in Microsoft (MSFT) was down 13% to 80.4 million. Shares short in Dell (DELL) were down 12% to 53.4 million. Shares sold short in Qualcomm (QCOM) dropped 16% to 35.1 million.

Data from NYSE and Nasdaq

Douglas A. McIntyre