“Maybe the market has reacted so sharply to the rise in Apple Inc.’s stock that short sellers of the shares have abandoned them in droves,” Douglas A. McIntyre reports for 24/7 Wall Street. “The drop in short interest was more than that of any other company traded on Nasdaq in the most recently reported period.”
“Shares sold short in Apple dropped by 24.5 million to 53.7 million, a plunge of 31%,” McIntyre reports. “The drop in total shares was just ahead of Intel’s, which fell 23.6 million.”
“The trigger for the fall-off in the Apple short interest is likely two reasons. The first is the robust increase in its share price over the past three months,” McIntyre reports. “The stock has risen over 14% during that period. The second reason short sellers were likely exited was that, not only did Apple post strong earnings in the last quarter, but analysts expect demand will push iPhone sales to a record as consumers rush to buy the new iPhone 6 and iPhone 6 Plus.”
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