Growing Optimism in Semiconductor Short Interest

Advanced Micro Devices Inc. (NYSE: AMD) saw its short interest fall to 139.7 million shares, with 5.48 days to cover, from 145.9 million in the previous period. In the most recent earnings report, the company announced that it will be doing some restructuring, which could lead to slowed growth in the near term. Shares closed Tuesday $2.73, which falls within a 52-week range of $2.54 to $4.80.

Applied Materials Inc. (NASDAQ: AMAT) saw its short interest rise slightly to 73.4 million shares from the previous level of 72.3 million. The days to cover rose to 4.86 from the previous level of 3.42, because the average daily share volume was 15.1 million compared to the previous 21.1 million. Shares closed Tuesday at $22.54. The stock has been trading closer to its 52-week high of $23.46. The 52-week low is $16.40.

Intel Corp. (NASDAQ: INTC) saw its short interest reading for the October 31 settlement date come in at 204.4 million shares, with 6.07 days to cover. This increased dramatically from the previous level of 137.2 million. The 200 million mark had not been broken since mid-April. The stock’s 52-week high is $35.56 and the low is 23.40, and shares closed Tuesday at $33.31.

Micron Technology Inc. (NASDAQ: MU) saw its short interest drop slightly to 103.5 million from 104.1 million, with an increase in days to cover to 3.76. Micron moved an average daily share volume of 27.5 million this period, which is back to a normal level from its relative high of 40.4 million in the previous period. Micron shares closed Tuesday at $33.20 and have moved down from the July 52-week high of $34.85, but they are still well above the 52-week low of $17.90.

SanDisk Corp.‘s (NASDAQ: SNDK) short interest fell to 14.9 million, while the days to cover fell to 3.06 from 3.40. After remaining in the 16 million to 18 million range since April, the current level of short interest has broken through in the past three readings and posted the lowest reading of the year. The 52-week range for SanDisk is $64.50 to $108.77. Shares closed Tuesday at $92.68.

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