Take a look at the following communication_services stocks: Shaw Communications Inc., Paramount Global, Live Nation Entertainment Inc and others showed higher volumes than usual.
Here's an update with information from the last trading session: Markets closed higher Friday, as Dow Jones ended the session at 33,674 after a 1.65% gain. S&P 500 closed the day at 4,136.25, having gained 1.85%.
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.
Price action was mostly bullish Friday with some communication_services stocks recording abnormally high trading volumes. Here's a recap:
Shaw Communications | 473% higher than rolling average
Shaw Communications Inc. hit a significant low of $24 around 6 months ago, but has since recovered 24.68%. The stock has been trending positively for about a month. The company has a market cap of $14.94 billion with an average daily volume of 1.34 million shares.
Friday's trading volume was 6.35 million shares (surpassing the daily average by 473%).
Paramount | 364% higher than rolling average
The US media giant has shed 28.35% over the past three months. Currently, the US mass media and entertainment conglomerate has a market capitalization of $11.11 billion with an average daily trading volume of 14.23 million shares.
Trading volume peaked at 51.81 million shares Friday, thereby obliterating the daily average of 14.23 million by 364%.
Live Nation Entertainment | 389% above rolling average
The live entertainment specialist traded at $77.16 Friday, after making its biggest single-day jump of $10.09 (15.04%) since May 2022. Live Nation Entertainment has posted further gains as part of an 8 day trend that has already seen the stock gain $1.65. Live Nation Entertainment pointed in the same direction Friday: after ending Thursday's session at $67.07, Live Nation Entertainment went up to $79.07 Friday only to fall back and close at $77.16.
Trading volume was 6.37 million shares Friday — beating the daily average by a mammoth 389%.
— Average trading volume refers to a 21-day rolling average.