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Short Sellers Flee Tech, Hit Weak Balance Sheets (INTC)(DELL)

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By Douglas A. McIntyre Updated Published
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Short sellers posted a mixed record on big banks. Short interest in Citigroup (C) plunged by 73% to 177.5 million shares. The short interest in Bank of America (BAC) was down 18% to 82.2 million. And, shares short in Morgan Stanley (MS) dropped 10% to 39 million.

Shares short in Fannie Mae (FNM) were up a fraction to 188.7 million. The short interest in Well Fargo (WFC) rose 5% to 90.5 million.

Companies with weak earnings prospects and poor balance sheet were hit particularly hard for the period that ended September 15. Shares sold short in Sprint (S) were up 18% to 88.6 million. Shares sold short in Alcatel-Lucent (ALU) rose 37% to 39.4 million. Short interest in Vonage (VG) was up 135% to 10.2 million. Shares short in Blockbuster (BBI) were up 28% to 25.6 million.

Short sellers retreated from many tech sector stocks. The short interest in Intel (INTC) fell 11% to 62.6 million. Shares short in Dell (DELL) fell 12% to 39.2 million. Shares short in Level 3 (LVLT) were off 4% to 87.7 million and shares short in CA (CA) dropped 33% to 7.7 million.

The only large tech stock which saw a large increase in shares short was Nvidia (NVDA) were shares sold short rose 26% to 38.7 million.

Data from NYSE and NASDAQ

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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