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Strategies & Market Trends : Technical analysis for shorts & longs

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To: Johnny Canuck who wrote (59211)

5/14/2024 1:45:46 AM

From: Johnny Canuck

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Paramount most shorted S&P 500 communications stock in April; Alphabet least shorted

May 13, 2024 4:29 PM ET| Communication Services Select Sector SPDR® Fund ETF (XLC)| DIS, GOOG, VZ, LYV, TMUS, CHTR, META, FOXA, PARA...|By: Tiyashi Datta, SA News Editor| 1 Comment

primeimages/E+ via Getty Images

Bets against communication services stocks fell in April compared to the end of March, with media firm Paramount Global ( PARA) being the most shorted stock in the sector and Google-parent Alphabet ( GOOG) taking the spot for the least shorted.
Average short interest across S&P500 communications services stocks was 1.37% of shares float in end-April, up from 1.41% at the end of March.
The S&P500’s communications services sector (NYSEARCA: XLC) is up nearly 12.6% so far this year, outperforming the over 9% rise in the broader market.
Stocks with the largest and least short positions
Ranked by short interest as a percentage of shares float

Meta Platforms Class A ( META), Alphabet Class A ( GOOG) and Netflix ( NFLX), the three largest contributors to the index, had short interest of 1.30%, 0.31% and 1.75%, respectively.
Paramount Global had 74.12M shares sold short as of April 30, or 12.53% of the shares float.
Charter Communications ( CHTR) was the second most shorted stock at 12.25% of shares float, followed by Fox ( FOXA) and Live Nation Entertainment ( LYV), with short interest of 9.97% and 8.20%, respectively.
Alphabet was preceded by telecom giant Verizon ( VZ) with short interest of 1.08% and Disney ( DIS) with 1.09% short interest.
Industry Analysis
Average short interest as a percentage of floating shares

Wireless Telecommunication Services, which only includes T-Mobile US ( TMUS), remains the most shorted industry within the sector, with 5.55% short interest as of end-April, up from 5.48% during end-March.
Entertainment stocks took the second spot with 3.19% short interest as of April 30, compared to 3.33% at March-end.
Interactive Media and Services, which has stocks like Alphabet and Meta Platforms, was the least shorted industry in the sector with 0.56% short interest as of April 30.

More on Communication Services Select Sector SPDR Fund

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About XLC ETF

SymbolLast Price% Chg

XLC	81.64	-0.18%
Post	81.64

May 8May 9May 10May 138182

Expense Ratio

0.09%

Div Frequency

Quarterly

Div Rate

$0.66

Yield

0.81%

Assets (AUM)

$17.82B

Compare to Peers

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SymbolLast Price% Chg

XLC	81.64	-0.18%
Communication Services Select Sector SPDR® Fund ETF	Post. 81.64	0.00%
VOX	132.29	0.09%
Vanguard Communication Services Index Fund ETF Shares	Post. 132.29	0.00%
FCOM	49.93	-0.12%
Fidelity MSCI Communication Services Index ETF	Post. 49.93	0.00%
IXP	85.89	0.15%
iShares Global Comm Services ETF	Post. 85.89	0.00%
XLK	206.51	0.47%
Technology Select Sector SPDR® Fund ETF	Post. 206.51	0.00%