Take a look at the following communication_services stocks that showed higher volumes than usual: CenturyLink, Inc. d/b/a Lumen T, Perion Network Ltd., The New York Times Company.
Here's an update with information from the last trading session: Leading equity indices in the US declined as Nasdaq closed at 11,900, a 1.68% change. S&P 500 was down 1.11% before closing the session at 4,118.
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.
Lumen Technologies | 521% above rolling average
CenturyLink, Inc. d/b/a Lumen T closed at $3.95 after dropping by 20.84% ($1.05), its largest single-day drop since November 2022. Lumen's bearish run has lasted 4 days so far (-62 cents). More of the same from yesterday's session: early in yesterday's session, Lumen Technologies dropped to $3.74 from $5 at the end of Tuesday, before closing at $3.95. During the session, it lost 20.84%.
Lumen Technologies had a compelling day yesterday, with 131.31 million shares traded helping the company surpass its average daily volume by 521%.
Perion Network | 373% higher than rolling average
Perion had a compelling day yesterday, with 2.73 million shares traded helping the company surpass its average daily volume by 373%.
The digital advertising company has managed to gain 33.63% so far this year despite trading at lows around $17.15 previously. The stock has been trending positively for about a month. Over the last 4 days, Perion has fallen 9.68%.
The New York Times | 471% above rolling average
The US mass media company has gained 11.07% since its lowest print of $27.9 earlier this year. The stock has been trending positively for about a month. The global news vendor's market cap currently stands at $6.77 billion with an average daily trading volume of 854,977 shares.
The New York Times had a compelling day yesterday, with 4 million shares traded helping the company surpass its average daily volume by 471%.
— Average trading volume refers to a 21-day rolling average.