Shaw Communications Inc., Altice USA, Inc., Match Group Inc and others reached higher-than-usual trading volumes.
Today's session summary: Markets did not have a clear cut direction — Dow Jones closed at 34,052, a 0.14% change. Nasdaq closed 12,200 after a stable day.
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.
While trading was mostly sideways today, several communication_services stocks were actively traded. Here's an update:
Shaw Communications | 473% higher than rolling average
After hitting an important low of $24 approximately 6 months ago, the Canadian ISP has bounced back 24.68% since. The stock has been trending positively for about a month. Currently, the Canadian telecoms provider has a market capitalization of $14.94 billion with an average daily volume of 1.34 million shares.
Shaw Communications outpaced its average daily trading volume (1.34 million) with 6.35 million shares traded today.
Altice USA | 340% higher than rolling average
Today's trading volume peaked at 16.97 million shares, thereby blitzing the daily average of 5.00 million by 340%.
Altice USA hit a significant low of $2.65 around 5 days ago, but has since recovered 32.08%. Altice USA has posted further gains as part of a 4 day trend that has already seen the stock gain 85 cents.
Altice USA is scheduled to announce earnings results Wednesday. The consensus Earnings Per Share estimate is 0.04 and the consensus revenue estimate is $2.32 billion.
Match Group | 154% above rolling average
Trading volume was 6.58 million shares today — beating the daily average by a mammoth 154%.
Having set a significant low of $33.13 5 days ago, the online dating company is trading 11.38% higher.
— Average trading volume refers to a 21-day rolling average.