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To: Perspective who wrote (50996)	8/22/2002 1:48:17 PM
From: NOW	Respond to of 209892

RE CREDIT CARD securities:"The underlying performance for most players" hasn't been that bad, said analyst Moshe Orenbuch of Credit Suisse First Boston. "As confidence in an economic recovery in 2002 builds, these shares should outperform," he said in a recent research note. Investors who sell securities short borrow stock and sell it, betting the stock's price will fall, and they will be able to buy the shares back, or "cover" their positions, later at a lower price for return to the lender. Short interest is seen as an indication of the level of skepticism: the higher the short interest, the more investors are expecting a stock to fall. Analyst Mark Alpert, of Deutsche Bank Securities, said that in many cases, like Household, short interest went up over the last month while the stock has held fairly steady. "It wasn't just short-covering going on," he inferred, "And if that's the case, maybe there will be some short-covering." Household's short interest rose 83.72% from a month ago, to about 24 million from 13.4 million. Capital One's swelled nearly 47% to 21.8 million from 14.9 million, while MBNA Corp.'s (KRB) rose 91% to 14.1 million from 7.4 million. Meanwhile, Providian Financial Corp.(PVN)'s short interest rose 13% while American Express Co.'s (AXP) climbed about 25% from a month ago. Short interest at AmeriCredit Corp. (ACF), which specializes in auto lending to those with spotty credit histories, increased nearly 35% to 31.4 million from 23.4 million. Moreover, three Federal Reserve regional bank presidents delivered fairly upbeat economic assessments - the Fed's first public utterances since last week's decision to hold short-term rates steady - which could also be helping to support the stocks. (MORE) DOW JONES NEWS 08-22-02