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SPECULATORS STAY PUT ON WEAKENING CONSUMER CONFIDENCE - HAZELTREE

Speculators in May re-upped their April bets that stock prices would fall at companies where people spend their extra cash, believing that creeping recession risks might spook consumers, according to a research report from Hazeltree on Thursday.

Entertainment ticket sale companies, hand bag makers and even drug store retailers saw large portions of their stocks borrowed for the purpose of shorting, found the Hazeltree Shortside Crowdedness Report, which gathers data from 700 asset managers, covering 15,000 stocks globally.

A short seller borrows stock at a higher price betting its value will decline. Securities lending firms such as Hazeltree facilitate these trades.

The U.S. services sector contracted for the first time in nearly a year in May while businesses paid higher prices for inputs, a reminder that the economy remains in danger of experiencing a period of very slow growth and high inflation.

Top U.S. shorted stocks included for the second month in a row concert ticket seller Live Nation Entertainment LYV.N, retailers Kohl's Corporation KSS.N and drug store and health company, CVS CVS.N.

European companies which gathered a high volume of short bets included luxury company LVMH LVMH.PA.

The companies did not immediately respond to a request for comment.

(Nell Mackenzie)

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