Short-Sellers Pressured in Korn/Ferry Run-Up
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One reason for the recent run-up in Korn/Ferry International Inc. stock may be capitulation by short-sellers.
The Los Angeles-based executive search firm saw the second-biggest percentage decrease in short interest from Nov. 15 to Dec. 15, according to the New York Stock Exchange. Short interest--which measures the total number of shares traders have borrowed and sold, usually in a bet that prices will decline--fell from about 310,000 at the start of that period to about 4,000.
During that stretch, the stock jumped 36%. Short-sellers who bought back shares in that period would have just added to the buying pressure. On Wednesday the stock continued rising, inching up 19 cents to a record $34.63 on the NYSE.
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