The March S&P Stock Guide gives 1813 Cos. and 474,187,000 shares for Intel Corporation, under Inst. Holdings, and 820,600,000 shares total.
Microsoft had 1501 and 410,377,000/1,203,560,000. The last time I looked a few months ago, Intel was 1.9% of the value of the SP500, so that anyone who indexes on the SP500 is pretty much required to hold gobs of Intel. This means that a large part -- I would guess 60% -- of INTC is strongly held and could not be sold except as part of program trading in which the entire SP500 package was sold. It is
this characteristic that makes INTC recent leading of the NASDAQ up and swimming against the stream so impressive. A 10 million share
day (quite common) means about 3% of the non-institutional stock changes hands, although much of the trade is doubtless institutional program trading. |
