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Short interest on the Nasdaq dipped 0.4% in late June, the exchange said late on Tuesday.

As of Nov. 30, short interest fell to about 13.174 billion shares, compared with 13.225 billion shares as of June 15.

Investors who sell securities ‘short’ borrow shares and then sell them, expecting the stock to fall so they can buy the shares back at the lower price, return them to the lender and pocket the difference.

Shorting can also be part of a hedging strategy.