The highest volumes for yesterday went to: Philip Morris International, Entegris, Inc., Live Nation Entertainment Inc.
Yesterday's session summary: Leading equity indices in the US declined as S&P 500 closed at 3,999, a 1.79% change. Dow Jones lost 1.4% and ended the session at 33,947.
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 large cap and over stocks reached high volumes. Here is an update.
Philip Morris | 436% higher than rolling average End of the rally? After four days of going up, Philip Morris went down 0.79% yesterday closing at $103.48
Philip Morris International outpaced its average daily trading volume (3.88 million) with 16.90 million shares traded yesterday. An influx of sellers pushed the tobacco giant to end the session lower around $103.48, while establishing a $103 to $104.12 session range yesterday.
Philip Morris hit a significant low of $83 around 2 months ago, but has since recovered 25.65%. Philip Morris has a market cap of $160.41 billion with an average daily volume of 3.88 million shares. Philip Morris expected revenue of $7.43 billion with an EPS of $1.37.
Entegris | 350% above rolling average Entegris closed at $74.87 after losing 1.24% yesterday
With 6.59 million shares traded yesterday, Entegris beat its daily average by 350% to cap off a frenetic trading day. Although Entegris increased from $75.81 to $78.5, the stock dropped back and is now priced at $74.87.
Having set a significant high of $153.2 a month ago, the semiconductor device fabricator is trading 19.44% lower. So far in 2022, it has been under-performing the Nasdaq by 5.15%. Entegris's market cap currently stands at $11.16 billion with an average daily trading volume of 1.88 million shares. $993.83 million was Entegris's last reported revenue with 85 cents being the current EPS.
Live Nation Entertainment | 217% above rolling average Slow down? Following a five day winning streak, Live Nation Entertainment faltered yesterday; now hovering around $73.88
Live Nation Entertainment outpaced its average daily trading volume (3.41 million) with 7.40 million shares traded yesterday. Without a clear direction, Live Nation Entertainment closed at $73.88 while ranging between $73.06 and $74.57.
18 days ago, the live entertainment specialist fell to a low of $66.21 but has since recovered 11.64%. So far in 2022, it has been under-performing the S&P by 19.39%. The company's market cap is $17 billion with an average daily volume of 3.41 million shares. Live Nation Entertainment's last revenue report was $6.15 billion with an EPS of $1.39.
— Average trading volume refers to a 21-day rolling average.