Updated from 12:46 p.m. EST
On, Oct. 1,
completed its acquisition of the
American Stock Exchange
, founded in 1842, now called NYSE Alternext U.S.
The exchange has more liberal listing policies than the
, so it tends to trade smaller to mid-size stocks, which are more volatile. Many of these stocks have been heavily shorted and significantly depressed, creating
A short squeeze takes place when short-sellers quickly cover their bearish positions on optimistic news, which can move the price of the stock up sharply. The metric for measuring short-squeeze opportunities is the short ratio, also known as the "days-to-cover ratio," which is the number of days it would take the short-sellers to cover their positions based on recent average daily volume of the stock.
One Amex stock with a very high short ratio is
, an Ohio-based multibank holding company, which has a short ratio of 23.7. This means that it would take more than 23 days for the short-sellers to cover their positions on the stock.
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Thursday, Park National closed at $63.05 per share, down over 2% year-to-date.
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