Drillers on "Most Oversold List" and Recent Short Interest. Data
and questions:
This site list the "Most Oversold" stocks in the past
five weeks. i counted 11 Drillers on
that list.
equis.com
Click on "hot stocks" then on "most oversold."
i randomly selected eight of our Dearly Beloved Drillers
from that list and checked the latest Short Interest.
Listed by % increase:
Company 12/19/97 11/20/97 % Chg Avg Dly Vol
NOBLE DRILLING 3,209,769 1,725,616 86.0 1,561,304
READING & BATES 3,156,117 1,714,402 84.1 751,776
TIDEWATER INC 4,190,439 2,556,276 63.9 870,842
HALLIBURTON 6,094,468 5,298,392 15.0 2,097,700
PARKER DRILLING 5,241,341 5,253,859 -0.2 818,766
FALCON DRILLING 11,876,112 12,179,286 -2.5 865,747
GLOBAL MARINE 3,525,724 3,662,938 -3.7 2,170,757
MARINE DRILLING 530,998 615,656 -13.8 1,567,183
Something doesn't seem right, could someone provide some insight?
These stocks have all fallen about the same percentage, yet there is a huge difference in
the % change in Short Interest.
FLC has significantly more shares shorted than the others, yet its Average Daily Volume is
comparatively low.
MDCO is the only one in the group who's short interest is less than its ADV, its short
interest declined the most, yet its stock performance has been as bad as the rest.
Short Interest in NE and RB increased the most on a percentage basis last month, yet their
total number of shares shorted seems about average for this group: why didn't those
stock's prices decline much faster than others in the group?
Any thoughts or comments on the above questions and data?
Still long and not sure when to buy more.
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