Imágenes de páginas
PDF
EPUB
[blocks in formation]
[ocr errors][merged small]

NUMBER OF ISSUES WITH A SHORT POSITION ON N.Y.S.E.
Monthly, January 1954 - July 1962

DOW JONES INDUSTRIAL AVERAGE

[merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][ocr errors][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small]
[blocks in formation]

Chart VI - q

ISSUES WITH A SHORT POSITION ON N.Y.S.E. as Percent of All Issues
Monthly, January 1954 - July 1962

DOW JONES INDUSTRIAL AVERAGE

[blocks in formation]

1955

1956

1957

1958

1959

1960

1961

1962

DS.4411P

it went as high as 291. The relatively small number suggests a high degree of concentration, which is further indicated by the number of stocks in which there was a sizable short interest rather than merely a change of 2,000 or more shares: this averaged 185 in the monthly reports in May, June, and July 1962, or 18.1 percent of the average of 1,015 issues in which there was some short interest for these months. The distribution of the 185 stocks according to the size of the short interest is shown in table VI-p.

The average short interest in these 185 issues represented 81.5 percent of the average number of shares short in all issues (4,346,000) for these months. An average of 82 issues, or approximately 45 percent, were concentrated in the lowest class where the short interest ranged from 5,000 to 10,000 shares. These 82 issues represented only 18 percent of the total number of shares that were short in the 185 issues. Conversely, the 32 issues having a short interest of 30,000 shares or more accounted for almost half of the total short interest in the 185 stocks.

TABLE VI-p.-Short interest in NYSE stocks (average of May, June, and July,

[blocks in formation]

c. Classification of stocks by industries

To note any predilection of short sellers for stocks of certain industries, the short interest reports for the period of January 1961 through June 1962 were examined to ascertain which stocks appeared consistently throughout the period. In each of the 18 monthly reports, 54 stocks appeared; these were classified by industry as shown in table VI-q. Since most industries are represented by one or more of the 54 stocks, the table leaves some doubt as to concentration of short selling in any particular category. However, the greatest number of issues are in the broad classification of manufacturers of durable goods and of these, stocks of companies manufacturing radio, television, and communication equipment appear to have been more subject to short selling than any other single group. This is hardly surprising since the eight electronic stocks in this group had been, prior to the decline, among the most active on the NYSE.534

The eight stocks are Ampex, Avco, General Telephone & Electronics, International Telephone & Telegraph, Motorola, Texas Instruments, Varian Associates, and Zenith Radio.

« AnteriorContinuar »