IFMX short interest drops by 8.5 million...... IMO, this is very bullish.
Short Interest in Nasdaq Issues
Increases 0.8%; Baan Tops List
By DANIELLE SESSA
Staff Reporter of THE WALL STREET JOURNAL
NEW YORK -- Short interest rose 0.8% in the latest month on the Nasdaq Stock Market.
The total, which includes Nasdaq small-capitalization and large-capitalization stocks, rose to 2,147,690,288 shares on Sept. 15 from a revised 2,130,738,717 shares in mid-August, according to Nasdaq. On the Nasdaq Small-Cap Market, which is made up of the 1,249 smaller-cap stocks, short interest fell 13.8%. It rose 1.14% for the 4,049 larger-cap stocks on the Nasdaq National Market.
See complete short-interest statistics.
Traders who sell securities "short" borrow shares and then sell them, betting they can profit by buying the stock back later at lower prices.
Short interest is 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 2.91 from 2.82 days in the previous month. The short-interest ratio for the smaller stocks rose to 1.06 from 0.75. 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.
The following companies had the largest decreases in short interest: WorldCom, down 50,472,308 shares to 89,584,146; Tellabs, down 15,519,281 shares to 14,416,698; Informix, down 8,534,889 shares to 10,529,459; BioChem Pharma, down 4,066,178 shares to 5,751,411; and Applied Materials, down 3,716,268 shares to 13,079,930.
The following companies had the largest increases in short interest: Baan, up 6,157,457 shares to 23,224,997; SyQuest Tech, up 4,610,757 shares to 13,422,826; Dell Computer, up 4,448,265 shares to 57,772,689; Allied Waste Industries, up 4,123,919 shares to 7,124,719; and Quantum, up 4,043,070 shares to 9,417,693.
Among companies with the largest short-interest positions, Washington Mutual was down 2,757,731 shares to 41,054,422; Microsoft was down 2,084,619 shares to 24,776,088; Boston Chicken was down 853,356 shares to 22,169,138; Intel was down 2,666,371 shares to 18,200,962; and HBO was up 1,557,529 shares to 16,760,407.
The next Nasdaq short-interest report will be published on Oct. 27.
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