Following yesterday's heightened trading volumes, AMC Entertainment Holdings, Inc., DoorDash, Inc., DISH Network Corp were the standout stocks.
Here's an update with information from the last trading session: Leading equity indices in the US declined as Dow Jones shed 2.06% and closed at 33,130. S&P 500 slipped 2% and closed at 3,997.34.
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.
AMC Entertainment | 193% above rolling average
Yesterday's trading volume peaked at 72.13 million shares, thereby blitzing the daily average of 37.30 million by 193%.
The theatrical exhibition business reached a significant high of $29.44 around 10 months ago but has lost 82.2% since then. AMC Entertainment has posted further gains as part of a 5 day trend that has already seen the stock gain 74 cents.
AMC Entertainment is scheduled to announce earnings results Tuesday. The consensus Earnings Per Share estimate is -0.2 and the consensus revenue estimate is $1.14 billion.
DoorDash | 163% above rolling average
DoorDash went down to $58.06 (6.07%), adding to its four days of losses. 10 months ago the online food ordering and food delivery platform reached a significant high of $127.21 but has consequently lost 51.41% since then. DoorDash's market cap is currently $22.54 billion with an average daily trading volume of 6.31 million shares.
DoorDash had a compelling day yesterday, with 10.27 million shares traded helping the company surpass its average daily volume by 163%.
Dish Network | 217% above rolling average
Yesterday's trading volume was 8.96 million shares (surpassing the daily average by 217%).
The direct-broadcast satellite provider is up 9.44% from the significant low of $12.93 it hit a day ago. Dish Network's bearish run has lasted 4 days so far (-26 cents).
DISH is scheduled to announce earnings results tomorrow. The consensus EPS estimate is 0.47 and the consensus revenue estimate is $4.15 billion.
— Average trading volume refers to a 21-day rolling average.