A busy day for GlaxoSmithKline PLC, Sanofi, Textron Inc, being the prominent large cap and over stocks displaying higher volumes than usual.
Here's an update with information from the last trading session: Leading equity indices in the US declined as S&P 500 lost 1.44% and ended the session at 3,941.26. Nasdaq slipped 2% 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.
Though trading was down today, some large cap and over stocks reached high volumes. Here is an update.
GlaxoSmithKline | 579% higher than rolling average Glaxo posts record single day jump of $2.76 (+7.85%)
Today's trading volume peaked at 30.70 million shares, thereby blitzing the daily average of 5.30 million by 579%. Glaxo rallied $2.76 (7.85%) deep into the session, reaching $37.92.
4 months ago the global healthcare company reached a significant high of $52.47 but has consequently lost 33% since then. So far in 2022, it has performed better than the S&P by 0.46%. The company has a market cap of $77.12 billion with an average daily trading volume of 5.30 million shares. Glaxo has a forecast of $8.24 billion with an EPS of 90 cents.
Sanofi | 542% higher than rolling average Sanofi closes its best day in 13 years, jumping by 8.06%
Trading volume peaked at 11.62 million shares today, thereby obliterating the daily average of 2.14 million by 542%. Sanofi rallied $3.62 (8.06%) deep into the session, closing at $48.55.
Having set a significant high of $57.46 2 months ago, the French pharmaceutical company is trading 20.71% lower. The S&P 500 has been doing worse in 2022, it has been passing it by 8.59%. Sanofi has a market cap of $123 billion with an average daily volume of 2.14 million shares. Sanofi expected revenue of $11.50 billion with an EPS of $1.31.
Textron | 429% above rolling average Textron retreats $2.4 from 8 months high
With 4.49 million shares traded today, Textron beat its daily average by 429% to cap off a frenetic trading day. The multi-industry brand developer rose as high as $75.97 before giving up its gains and dropping back to $73.57 before the close on today.
The multi-industry brand developer now trading 12.87% above its 3-month low of $57.93. So far in 2022 it has been beating the S&P 500 by 11.51%. Textron's market cap is currently $15.36 billion with an average daily trading volume of 1 million shares. $3 billion was Textron's last reported revenue with $1.06 being the current EPS.
— Average trading volume refers to a 21-day rolling average.