It is July $26.$ A company has a portfolio of stocks worth $$120$million. The beta of the portfolio is $1\mathrm{.}4.$ The company wants to use the December futures contract on a stock index to change the beta of the portfolio to $0\mathrm{.}6$ during the period July $26$ to November $26.$ The index futures price is $$2,000$ and contract is on $$275$ times the index.

What position should the company take?