The most recent short interest data has been released by the NASDAQ for the 06/30/2014 settlement date, and we here at Dividend Channel like to sift through this fresh data and order the underlying components of the Nasdaq 100 by "days to cover." There are a number of ways to look at short data, for example the total number of shares short; but one metric that we find particularly useful is the "days to cover" metric because it considers both the total shares short and the average daily volume of shares typically traded. The number of shares short is then compared to the average daily volume, in order to calculate the total number of trading days it would take to close out all of the open short positions if every share traded represented a short position being closed.
In our new rank based on the most recent short interest data from NASDAQ, Texas Instruments Inc. (TXN) has taken over the position of #34 most shorted Nasdaq 100 component, from Bed, Bath & Beyond, Inc. (BBBY) which is now in the #54 spot. The "days to cover" at 06/30/2014 was 4.52 for TXN, and 2.96 for BBBY; this compares to the average across all Nasdaq 100 components of 4.48 (down from the average back on the 06/13/2014 settlement date of 5.04). The chart below shows the movement over time of the "days to cover" values of both TXN and BBBY, versus the average Nasdaq 100 component.
Below is a chart showing the relative positions of TXN versus BBBY over time within the 100 Nasdaq 100 components, with #1 representing the component with the highest "days to cover" value (most heavily shorted) and #100 representing the component with the lowest "days to cover" value (least heavily shorted):