Abiomed, Las Vegas Sands Corp, IBM and others reached higher-than-usual trading volumes.
A recap of yesterday's session: Markets had an interesting day yesterday; Nasdaq ended the session at 11,500 after a 1.76% gain. S&P 500 gained 1.1% and closed at 4,060.43.
Why Trading Volume Matters
Trading volume is simply the total number of shares traded including both buy and sell orders. If a stock has appreciated on high volume, it is more likely to be a sustained move compared to an appreciation with low volume. Typically, high volume trading sessions are considered significant occurrences and closely watched by traders.
Price action was mostly bullish yesterday with some large cap and over stocks recording abnormally high trading volumes. Here's a recap:
Abiomed | 506% higher than rolling average
Abiomed's market cap is currently $17.18 billion with an average daily volume of 3.10 million shares.
Abiomed outpaced its average daily trading volume (3.10 million) with 15.70 million shares traded yesterday.
Las Vegas Sands | 484% higher than rolling average
Las Vegas Sands is up to $58.37 (6.09%), adding to its four consecutive days of gains. This year has been a bright one for the integrated resort developer after trading as low as $30.14 and going on to appreciate by 12.56% year to date. The stock has been trending positively for about 2 months. Las Vegas Sands has a market cap of $44.60 billion with an average daily trading volume of 4.69 million shares.
Las Vegas Sands had a compelling day yesterday, with 22.72 million shares traded helping the company surpass its average daily volume by 484%.
IBM | 486% higher than rolling average
After ending yesterday at $134.45, the iconic technology company dropped $6.31 to $132.98, reaching its lowest point in 2 months. After ending Wednesday at $140.76, IBM dropped to $132.98 early in yesterday's session and closed at $134.45. In total, it lost 4.48%.
IBM outpaced its average daily trading volume (3.61 million) with 17.54 million shares traded yesterday.
— Average trading volume refers to a 21-day rolling average.