Don't Sell Ericsson Short

Ericsson seems to have proven the short-sellers wrong.

'B' shares in the Swedish network supplier jumped 24.1%, or 3 Swedish kronor (50 cents), to 15.44 kronor ($2.58), during midday trading in Stockholm on Friday. Ericsson's first-quarter results did manage to beat glum expectations, with sales and profits at the top end of forecasts, but it may have been the short-sellers who were especially caught by surprise.

"A lot of investors might have been covering their short positions," said Per Ekstrand, analyst with Kaupthing Bank. He said Ericsson's sales growth in the networks division had strengthened investor confidence in the stock, which was still down 40% from trading levels in October.

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- Posted: 2008-04-25 09:05:14

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