Take a look at the following communication services stocks that showed higher volumes than usual: Altice USA, Inc., Warner Music Group Corp., Warner Bros. Discovery, Inc..
A quick recap of where the last trading session ended: Leading equity indices in the US declined as Nasdaq lost 1.49% and ended the session at 10,546. S&P 500 shed 0.9% and closed at 3,817.66.
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.
Though trading was down yesterday, some communication services stocks reached high volumes. Here is an update.
Altice USA | 225% above rolling average
Altice USA, Inc. outpaced its average daily trading volume (7.95 million) with 17.89 million shares traded yesterday.
The cable TV company has shed 53.03% over the past three months.
Warner Music | 188% higher than rolling average
Warner Music had a compelling day yesterday, with 2.38 million shares traded helping the company surpass its average daily volume by 188%.
Warner Music hit a significant low of $22.35 around 2 months ago, but has since recovered 50.51%. While Warner Music was in the midst of a 5 day downtrend— in which it lost a total of 0.729%—
Warner Bros | 142% above rolling average
Warner Bros. Discovery outpaced its average daily trading volume (29.98 million) with 42.43 million shares traded yesterday.
Warner Bros hit a significant low of $9.25 around a day ago, but has since recovered 7.14%. Warner Bros's bearish run has lasted 6 days so far (-$1.36).
— Average trading volume refers to a 21-day rolling average.