Lululemon Athletica Inc, Tencent Music Entertainment Group, British American Tobacco and others reached higher-than-usual trading volumes.
Friday's session summary: Leading equity indices in the US declined as Dow Jones lost 0.9% and ended the session at 33,476. After dropping 0.73%, S&P 500 closed at 3,934.38.
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 Friday, some large cap and over stocks reached high volumes. Here is an update.
Lululemon Athletica | 519% higher than rolling average Bearish session pushes Lululemon Athletica to record lows around $48.12
With 9.23 million shares traded Friday, Lululemon Athletica Inc beat its daily average by 519% to cap off a frenetic trading day. Early in Friday's session, Lululemon Athletica dropped to $323.15 from $374.51 at the end of Thursday, before closing at $326.39. During the session, it lost 12.85%.
Lululemon hit a significant low of $257.51 around 6 months ago, but has since recovered 45.44%. So far in 2022, it has performed better than the Nasdaq by 29.53%. Lululemon's market cap currently stands at $39.92 billion with an average daily trading volume of 1.78 million shares.
Lululemon Athletica was down, even though its quarterly earnings released on Thursday beat the analysts’ estimates. The reported earnings of two per share on revenue of $1.86 billion, topping estimates of 1.96 per share on revenue of $1.81 billion.
Tencent | 242% higher than rolling average Tencent closes at $8.21 after gaining 2.24%
With 42.68 million shares traded Friday, Tencent beat its daily average by 242% to cap off a frenetic trading day. Tencent closed at $8.21 Friday after ranging between $7.9 and $8.27.
British American Tobacco | 237% above rolling average British American Tobacco levels up 0.68% in Friday's session; traders eye opening bell in 4 hours time
Trading volume peaked at 7.90 million shares Friday, thereby obliterating the daily average of 3.34 million by 237%. Pronounced bullish sentiment in the market helped the world's largest tobacco company to make a notable 0.68% gain Friday, rising 28 cents and ultimately closing at $41.42.
The tobacco giant is now trading 15.89% above the significant low ($35.5) it slumped to 2 months ago. So far in 2022, it has been outperforming the S&P 500 by 30.9%. British American Tobacco has a market cap of $92.70 billion with an average daily volume of 3.34 million shares.
— Average trading volume refers to a 21-day rolling average.