Shorts Flee Strongest Stocks

Stocks with strong balance sheets that are likely to post good earnings have lost their interest for short sellers. Base on data as of June 30, short sellers abandoned the shares of Citigroup C, Exxon Mobil XOM, Ford F, and AT&T T. The short interest in AT&T fell 18% to 50.3 million shares. Citigroup’s short position fell 13% to 432.8 million, although it continued to have the largest number of shares sold short of any public company. Shares sold short in Exxon Mobil were down 60% to 41.3 million. The short interest in Ford dropped 6% to 275.7 million. Shares in companies with weak prospect rose.The short interest in Sprint-Nextel S was up 16% to 84.8 million. The short interest in Boston Scientific BSX was up 18% to 43.2 million Shares short in JC Penney JCP were up 30% to 24.9 million. To read the rest, head over to 247WallStreet.com