“The most recent short interest update shows Apple’s number at a new 2014 low,” Bill Maurer writes for Seeking Alpha.
“Short interest in mid-July was at its lowest point since the last update in 2013, where the split-adjusted number was around 99 million shares,” Maurer writes. “Before that, the last sub-100 million split-adjusted number was in August of 2012.”
“With Apple shares racing towards their all-time highs, it seems logical that shorts are covering, especially considering the strength of Apple’s buyback. Shares have hit a new 52-week high after the latest quarterly report, even though the report was mixed. Investors are buying Apple ahead of the iPhone 6 launch, and shorts are running away,” Maurer writes. “I think that pattern will continue, and Apple seems destined to cross $100 rather soon.”
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