Warner Music Group Corp., World Wrestling Entertainment, Inc., SK Telecom Co.,Ltd and others reached higher-than-usual trading volumes.
A recap of yesterday's session: Markets closed higher yesterday; Dow Jones closed the day at 34,200, having gained 0.64%. Nasdaq gained 0.64% and closed at 11,000.
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 communication services stocks recording abnormally high trading volumes. Here's a recap:
Warner Music | 381% higher than rolling average
Warner Music Group Corp.'s bearish run has lasted 3 days so far (-81 cents). Yesterday's session continued the recent downtrend: after ending Wednesday at $37.78, Warner Music declined to $34.16 yesterday before closing at $34.45, thereby losing 8.81% in total.
Warner Music outpaced its average daily trading volume (1.19 million) with 4.55 million shares traded yesterday.
World Wrestling Entertainment | 182% above rolling average
Trading volume was 2.32 million shares yesterday — beating the daily average by a mammoth 182%.
The professional wrestling entertainment company has managed to gain 30.2% so far this year despite trading at lows around $47.81 previously. On a 10 day uptrend,
World Wrestling Entertainment discloses 12 cents per share dividend to be paid on Tuesday, December 27th
SK Telecom | 204% higher than rolling average
Trading volume peaked at 865,824 shares yesterday, thereby obliterating the daily average of 424,454 by 204%.
The South Korean telecoms business has fallen back around 25.91% over the past 9 months, from a notable high of $27.75. The stock has been trending positively for about 2 months. While SK Telecom was in the midst of a 4 day downtrend— in which it lost a total of 3.1%—
— Average trading volume refers to a 21-day rolling average.