Short Sellers Yield on Semiconductors, With One Major Exception

Technology

Published: September 11, 2020 9:45 am

Semiconductor trends are considered to be leading indicators of technology and broader electronics demand. In a wider sense, semiconductor and tech stocks are seen as leading indicators for the markets in general. A strong rally in the tech sector pushed many of these companies to new highs just a couple months ago, but with the current state of affairs with the coronavirus, semiconductors will be the deciding factor if markets want to return to record levels.

The August 31 short interest data have been compared with the previous report, and short sellers backed off from most of these selected semiconductor stocks, with one major exception.

The number of Advanced Micro Devices Corp. (NASDAQ: AMD) shares short decreased slightly to 44.38 million from the previous reading of 44.79 million. Shares recently traded at $78.98, in a 52-week range of $27.43 to $94.28.

Short interest in Applied Materials Inc. (NASDAQ: AMAT) decreased to 15.51 million shares. The previous reading was 16.11 million. Shares traded at $55.12, in a 52-week range of $36.64 to $69.90.

Short interest in Broadcom Inc. (NASDAQ: AVGO) shrank to 3.46 million shares from the previous 3.61 million. Shares traded at $357.08, in a 52-week range of $155.67 to $378.96.

Intel Corp. (NASDAQ: INTC) saw its short interest soar to 173.52 million shares, making it the most shorted Dow Jones industrial stock. The previous level was 41.77 million. Its shares were trading at $48.96 Friday morning, in a 52-week range of $43.63 to $69.29.

Micron Technology Inc. (NASDAQ: MU) had its short interest fall to 32.93 million shares from the previous reading of 35.80 million. Shares were trading at $44.87, in a 52-week range of $31.13 to $61.19.

Nvidia Corp.’s (NASDAQ: NVDA) short interest retreated to 5.41 million shares from the 5.53 million in the prior period. Shares were trading at $492.47, in a 52-week range of $169.32 to $589.07.

And Qualcomm Inc. (NASDAQ: QCOM) saw the number of its shares short drop to 13.45 million from the 16.45 million reported in the previous period. Shares were changing hands at $112.44, in a 52-week trading range of $58.00 to $123.93.