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=DJ Movie Gallery Down As Goldman Cuts Stake>MOVI By Dwight Oestricher Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--Shares of Movie Gallery Inc. (MOVI) dropped 15% in heavy trading Friday after one of the company's largest institutional owners said it had drastically cut its stake in the video-rental company. Goldman Sachs Asset Management, which held 2.9 million Movie Gallery shares as of Sept. 30, said in a filing Friday with the Securities and Exchange Commission that as of Dec. 31 it had disposed of 926,001 shares, or about 2.9% of Movie Gallery's stock. "That probably spooked investors," when they heard a big holder had given up on the stock, said Wedbush Morgan Securities Inc. analyst Michael Pachter. Shares of Movie Gallery were recently down 77 cents to $4.27 on volume of 4.8 million, compared with average daily volume in the Nasdaq stock of 1.3 million. The stock fell to as low as $3.99 Friday, under the 52-week low of $4.51 set Nov. 22, and that may have set off even more trading. Movie Gallery's short position stood at 17.6 million shares as of Jan 13, or about 56% of the 31.6 million shares outstanding held on Oct. 2 - the end of its third quarter. Friday's drop might have prompted some short sellers to cover their positions at low prices, said one trader. Shorts borrow the shares on the hope of selling them and then replacing them at a lower price to make a profit on the margin. Also, those who bought Movie Gallery stock on margin were forced repay the money borrowed to buy the shares once they dipped below $5 a share - that could have meant liquidating their positions in Movie Gallery at bottom prices, the trader said.