Take-Two Interactive Software Inc, Pinterest, Inc., Activision Blizzard led the pack during yesterday's heightened trading volumes.
Here's an update with information from the last trading session: Leading equity indices in the US declined as Nasdaq was down 1% before closing the session at 11,900. S&P 500 slipped 0.61% and closed at 4,111.
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.
Take-Two Interactive | 267% higher than rolling average
Yesterday's trading volume was 5.22 million shares (surpassing the daily average by 267%).
The video game holding company is trading 38.89% lower compared to the $175.1 high it reached over the past year. The stock has been trending positively for about a month. Take-Two Interactive's bearish run has lasted 3 days so far (-$5.44).
Take-Two Interactive reported inconclusive earnings results yesterday, with revenue at $1.41 billion, compared to a consensus of $1.45 billion. Since the release of its earnings report, Take-Two Interactive lost 3.4%.
Pinterest | 217% higher than rolling average
Trading volume was 24.41 million shares yesterday — beating the daily average by a mammoth 217%.
Over the past 5 days, the social media service has retreated 5.57% from a noteworthy peak of $29.1. The stock has been trending positively for about a month. A 3 day downtrend is ongoing for Pinterest.
Pinterest reported earnings results yesterday, with EPS at 0.29 and revenues at $877.21 million; these results are mixed when compared to a consensus of 0.07 Earnings Per Share and $883.6 million revenue. Since the release of its earnings report, Pinterest gained 1.49%.
Blizzard | 221% higher than rolling average
So far this year, the interactive entertainment content and services provider has declined 6.58% while touching highs around $81.52 earlier this year. The company has a market cap of $56 billion with an average daily volume of 5.91 million shares.
With 13 million shares traded yesterday, Blizzard beat its daily average by 221% to cap off a frenetic trading day.
— Average trading volume refers to a 21-day rolling average.