“The short interest in Apple Inc. recently dropped 9.6% to 65.7 million shares, a possible sign that traders who benefit from falling share prices have stepped away from the company as its stock continues to soar,” Douglas A. McIntyre reports for 24/7 Wall Street.
“The measure of short interest in Nasdaq stocks is as of March 13,” McIntyre reports. “The wisdom of the short sellers’ decision is supported by the movement of Apple’s shares since the beginning of the year. Despite its mammoth $744 billion market cap, Apple’s stock is up almost 15%, compared to an improvement of less than 6% in the S&P 500.”
“Short sellers betting against Apple for a longer period may have been burned as well,” McIntyre reports. “Apple’s shares are up 91% over the past two years, against a 54% improvement in the S&P 500.”
Read more in the full article here.
MacDailyNews Take: There are better bets than betting against Apple.
[Thanks to MacDailyNews Reader “Arline M.” for the heads up.]