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Investing

Short Sellers Abandon Financials (WFC)(CIT)(BAC)(JPM)

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By Douglas A. McIntyre Updated Published
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bearShort sellers have bought into the notion that the financial industry is in full recovery.

Shares sold short in Wells Fargo (NYSE:WFC) fell 8% to 78.8 million shares. Shares short in CIT (NYSE:CIT) were off 4% to 78.1 million. The short interest in Bank of America (NYSE:BAC) dropped 12% to 67 million. The short interest in JPMorgan (NYSE:JPM) dropped 4% to 37.7 million.

Short bets on tech were mixed, a sign that some investors see an uneven recovery in the sector. Shares sold short in Microsoft (NYSE:MSFT) rose 2% to 77.7 million. Shares short in Intel (NASDAQ:INTC) were down 7% to 67.5 million. The short interest in Dell (NYSE:DELL) was down 5% to 38.5 million. Shares short in Oracle (NASDAQ:ORCL) rose 5% to 32.6.

Among other notable stocks Starbucks (NASDAQ:SBUX) short interest rose 9% to 29.3 million. Short interest in Comcast (NASDAQ:CMCSA) fell 12% to 39.4 million. Shares short in Qualcomm (NASDAQ:QCOM) were down 15%.

Shares short in Ford (NYSE:F) fell 8% to 94. million. Short interest in GE (NYSE:GE) was off 7% to 104 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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