Take a look at the following communication services stocks: Zynga Inc., Madison Square Garden Sports Corp., Activision Blizzard and others showed higher volumes than usual.
Friday's session summary: Markets completed a mixed session Friday while Dow Jones closed the day at 34,347, having gained 0.45%. Nasdaq slipped 0.52% and closed at 11,226.
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% higher than rolling average Zynga dropped by 2.04% and closed the session at $8.18
With 227.57 million shares traded Friday, Zynga Inc. beat its daily average by 600% to cap off a frenetic trading day. Zynga's bearish run has lasted 8 days so far (-12 cents). more of the same from Friday's session: during Friday's session, Zynga toiled and struggled for upward momentum before closing at $8.18. By the close, the the mobile game developer suffered a 17 cents or 2.04% loss.
Zynga hit a significant low of $5.77 around 11 months ago, 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's last revenue report was $694.9 million with an EPS of 9.19 cents.
Madison Square Garden Sports Corp. | 162% higher than rolling average Madison Square Garden Sports Corp. levels up 4.4% in Friday's session; traders eye opening bell in 23 hours time
With 271,920 shares traded Friday, Madison Square Garden Sports Corp. beat its daily average by 162% to cap off a frenetic trading day. Madison Square Garden Sports Corp. is on an 8 day bullish run gaining $5.83 (8.51%). Madison Square Garden Sports Corp. lived up to expectations Friday by maintaining its set course — the pro sports team manager closed Wednesday at $153.75. Friday, it gained 4.4% and remained around $160.51.
Blizzard | 152% higher than rolling average Bearish session pushes Blizzard to record lows around $3.12
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. The Nasdaq has been doing worse in 2022, it has been passing it by 49.4%. The company's market cap is $57.50 billion with an average daily volume of 6 million shares. Blizzard last reported revenue of $1.78 billion with an EPS of 58 cents.
— Average trading volume refers to a 21-day rolling average.