Written on Tue, 07/27/2010 - 5:58am
By Chip Brian
Below are the top five companies in the Steel industry as measured by the short interest ratio. A higher short interest ratio may indicate the potential for a sizeable short squeeze.
Olympic Steel (NASDAQ:ZEUS) has a short interest ratio of 9 based on average daily volume of 117,000 shares and 1.1 million shares short. That equates to 9.7% of the 10.9 million shares outstanding.
China Precision Steel (NASDAQ:CPSL) has a short interest ratio of 5.8 based on average daily volume of 414,000 shares and 2.4 million shares short. That equates to 5.2% of the 46.6 million shares outstanding.
Allegheny Technologies (NYSE:ATI) has a short interest ratio of 5 based on average daily volume of 2 million shares and 11.3 million shares short. That equates to 11.4% of the 98.5 million shares outstanding.
AM Castle (NYSE:CAS) has a short interest ratio of 4.5 based on average daily volume of 192,000 shares and 858,000 shares short. That equates to 3.7% of the 22.9 million shares outstanding.
General Steel Holdings (NYSE:GSI) has a short interest ratio of 4.3 based on average daily volume of 481,000 shares and 2.1 million shares short. That equates to 4% of the 51.9 million shares outstanding.
SmarTrend is bearish on shares of CPSL and our subscribers were alerted to Sell on May 06, 2010 at $1.72. The stock has fallen 8.5% since the alert was issued.
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