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To: Real Man who wrote (64629)	9/28/1999 8:49:00 AM
From: Cynic 2005	Respond to of 86076

September 28, 1999 -------------------------------------------------------------------------------- Nasdaq Short Interest Rose 7.88% In Latest Month, Reaches Record By TERZAH EWING Staff Reporter of THE WALL STREET JOURNAL NEW YORK -- As share prices on the Nasdaq Stock Market continue to outpace the overall market, some naysayers are getting even more negative about whether the outperformance can last. See complete short interest figures from the Nasdaq Stock Market. One indication of that skepticism is that short sales outstanding on Nasdaq rose 7.88% to a record level in the latest month, the market reported yesterday. The level of short sales not yet closed out, known as short interest, increased to 2,169,435,046 shares on Sept. 15 from 2,010,973,791 in mid-August, according to Nasdaq. The figure includes Nasdaq small-capitalization and large-capitalization stocks. On the Nasdaq SmallCap Market, which is made up of the 977 smaller-cap stocks, the number of short sales outstanding slipped 1.73%. It rose 8.12% for the 3,770 larger-cap stocks on the Nasdaq National Market. Traders who sell securities "short" borrow shares and then sell them, betting they can profit by buying the stock back later at a lower price. Short interest reflects the number of shares that haven't been repurchased for return to lenders. As such, it is often taken as an indicator of the degree of negative sentiment among investors in the stocks. Investors may rely on short selling for other purposes, including as a hedging strategy related to corporate mergers and acquisitions, for convertible securities and options, and for tax purposes. The Nasdaq National Market's short-interest ratio rose to 2.43 days from 2.10 in the previous month. The short-interest ratio for the smaller stocks rose to 1.20 days from 1.13 days. The ratio is the number of trading days that would be required to close out the short positions through share purchases and is considered a measure of trading sentiment. This month's short-interest report was delayed a day due to a computer-systems issue at Nasdaq on Friday. The next Nasdaq short-selling report is scheduled to appear on Oct. 27.