It is July 16. A company has a stock portfolio worth $50 million. The beta of the stock portfolio is 0.90. The spot price of the S&P 500 index is currently 1,100, and the December futures price of the S&P 500 index is 1,110. Each contract is on $250 times the index. What position should the company take in the S&P 500 futures to reduce the stock portfolio risk to zero (rounded to the nearest whole number)?

Using the data provided in the above, what position should the company take to change the beta of the stock portfolio from 0.90 to 0.30 during the period July 16 to November 16 (rounded to the nearest whole number)