Investing
The 6 Most Shorted NYSE Stocks: Short Sellers Still Fleeing GE
Published:
Last Updated:
General Electric saw its short interest drop sharply again between the November 30 and December 15 settlement dates. GE was the only one among the most shorted stocks trading on the New York Stock Exchange to see a decline. Alcoa led the upward trend, with a double-digit percentage bump that lifted it into the top six.
Note that the six most shorted NYSE stocks all had more than 130,000 shares short at the end of the most recent settlement period.
Short interest in Chesapeake Energy Corp. (NYSE: CHK) has grown for three consecutive periods, gaining more than 4% in early December to more than 246.28 million. That was 37.5% of the company’s float, and the days to cover fell to less than 10 as the daily average volume hit a three-month high. In the period, Chesapeake shares hit new 52-week lows. Short sellers watched the stock fall almost 29% between the settlement dates, while the S&P 500 was down a little more than 2%. Shares closed most recently at $4.45, up from a recent multiyear low of $3.56. The 52-week high of $21.49 was seen last February.
Petróleo Brasileiro S.A. (NYSE: PBR), better known as Petrobras, saw the number of its shares short grow by more than 2 million in the two weeks to more than 177.64 million. That was again the highest level of short interest in the past year. The days to cover slipped to less than six as the average daily volume grew. Moody’s also downgraded Petrobras in December. Its shares soared nearly 10% in the first two weeks of the month, yet ended the period down more than 3%. They closed most recently at $4.53, down about 38% year to date. The 52-week high of $10.55 occurred last May, while the $3.72 low was seen at the end of September.
After plunging more than 36% in the previous period, the short interest in General Electric Co. (NYSE: GE) fell 36% or so more between the most recent settlement dates to almost 159.27 million shares. That was 1.6% of GE’s float, and it would take less than three days to cover all short positions. The mid-November peak was more than 397 million shares short. GE was one of the best-performing Dow stocks of 2015. Yet the share price rose about 2% but then surrendered that gain during the two-week period. Shares closed most recently at $30.83, down less than half a buck from the recent 52-week high. The $19.37 52-week low happened during the market swoon back in August.
Rounding out the top 10 were SunEdison Inc. (NYSE: SUNE), Freeport-McMoRan Inc. (NYSE: FCX), Transocean Ltd. (NYSE: RIG) and J.C. Penney Co. Inc. (NYSE: JCP).
Note that AT&T Inc. (NYSE: T), one-time king of the most shorted NYSE stocks, is now out of the top 10. In the meantime, Alibaba Group Holding Ltd. (NYSE: BABA), Ford Motor Co. (NYSE: F), Pfizer Inc. (NYSE: PFE) are rising fast and could be vying for a spot in the top 10.
Ever wanted an extra set of eyes on an investment you’re considering? Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help guide you through the financial decisions you’re making. And the best part? The first conversation with them is free.Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.