Following Thursday's heightened trading volumes, Shaw Communications Inc., Skillz Inc., AMC Entertainment Holdings, Inc. were the standout stocks.
A quick recap of where the last trading session ended: Leading equity indices in the US rose as Nasdaq closed the day at 12,100, having gained 0.76%. S&P 500 ended the session at 4,105 after a 0.36% gain.
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 Thursday with some communication_services stocks recording abnormally high trading volumes. Here's a recap:
Shaw Communications | 473% higher than rolling average
The Canadian telecoms provider has recovered 24.68% since descending to a significant low of $24 around 5 months ago. Shaw Communications is currently trading with a market cap 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 Thursday.
Skillz | 277% higher than rolling average
Skillz outpaced its average daily trading volume (8.68 million) with 24 million shares traded Thursday.
1 year, 1 day ago the video game competition platform reached a significant high of $2.82 but has consequently lost 80.51% since then.
AMC Entertainment | 288% higher than rolling average
AMC Entertainment has posted further gains as part of a 3 day trend that has already seen the stock gain 14 cents. It was more of the same for AMC Entertainment Thursday — after ending Wednesday at $4.05, AMC Entertainment went up to $5.16 only to drop back, yet still traded well overall and closed at $4.9 Thursday.
With 100.97 million shares traded Thursday, AMC Entertainment beat its daily average by 288% to cap off a frenetic trading day.
— Average trading volume refers to a 21-day rolling average.