A busy day for Zynga Inc., Madison Square Garden Sports Corp., Activision Blizzard, being the prominent communication services stocks displaying higher volumes than usual.
Friday's session summary: Markets completed a mixed session Friday, as Dow Jones ended the session at 34,347 after a 0.45% gain. Nasdaq closed at 11,226, a 0.52% change.
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.
While trading was mostly sideways Friday, several communication services stocks were actively traded. Here's an update:
Zynga | 600% above rolling average Bearish mood pushes Zynga to session low of $8.14
Zynga Inc. outpaced its average daily trading volume (37.88 million) with 227.57 million shares traded Friday. Zynga's downtrend has seen it decline 3.42% in 8 days Friday's session continued down the same path: during Friday's session, Zynga toiled and struggled for upward momentum before closing at $8.18. By the close, the the video game developer suffered a 17 cents or 2.04% loss.
11 months ago, the mobile game developer fell to a low of $5.77 but has since recovered 44.71%. So far in 2022 it has been beating the Nasdaq by 65.26%. With an average daily trading volume of 37.88 million shares. Zynga last reported revenue of $694.9 million with an EPS of 9.19 cents.
Madison Square Garden Sports Corp. | 162% higher than rolling average Bullish mood lifts Madison Square Garden Sports Corp. to session high of $160.75
Friday's trading volume peaked at 271,934 shares, thereby blitzing the daily average of 167,654 by 162%. Madison Square Garden Sports Corp. continues an 8 day uptrend, gaining a total of 8.51%. Madison Square Garden Sports Corp. pointed in the same direction Friday: ending Wednesday at $153.75, the pro sports team manager rallied 4.4% Friday and stayed at the $160.51 level.
The pro sports team manager is now trading 12.51% above the significant low ($136.66) it slumped to a month ago. Madison Square Garden Sports Corp.'s market cap is currently $3.18 billion with an average daily volume of 167,654 shares. Madison Square Garden Sports Corp.'s last revenue report was $24 million with an EPS of -73 cents.
Blizzard | 152% higher than rolling average Blizzard plummets 4.07% in repeat of sell-off 10 months ago
Blizzard outpaced its average daily trading volume (6 million) with 9.17 million shares traded Friday. Early in Friday's session, Blizzard dropped to $73.05 from $76.59 at the end of Wednesday, before closing at $73.47. During the session, it lost 4.07%.
The gaming company is now trading 6.31% below its 3-month high of $82.31. So far in 2022, it has performed better than the Nasdaq by 49.4%. Blizzard is currently trading with a market cap of $57.50 billion with an average daily volume of 6 million shares. $1.78 billion was Blizzard's last reported revenue with 58 cents being the current EPS.
— Average trading volume refers to a 21-day rolling average.