Take a look at the following communication_services stocks: Pinterest, Inc., Shaw Communications Inc., Altice USA, Inc. and others showed higher volumes than usual.
A recap of yesterday's session: Leading equity indices in the US rose as Dow Jones gained 0.8% and closed at 34,100. S&P 500 closed the day at 4,169.48, having gained 0.83%.
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 yesterday with some communication_services stocks recording abnormally high trading volumes. Here's a recap:
Pinterest | 544% higher than rolling average
With 62.92 million shares traded yesterday, Pinterest, Inc. beat its daily average by 544% to cap off a frenetic trading day.
The social media service is now trading 12.06% below its 3-month high of $29.1. Having fallen $1.35 in 10 days,
Shaw Communications | 473% higher than rolling average
After hitting an important low of $24 approximately 6 months ago, the Canadian telecoms provider has bounced back 24.68% since. 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.
Shaw Communications had a compelling day yesterday, with 6.35 million shares traded helping the company surpass its average daily volume by 473%.
Altice USA | 475% above rolling average
Altice USA hit a significant low of $2.65 around 3 days ago, but has since recovered 12.45%. Altice USA's market cap is currently $1.60 billion with an average daily trading volume of 4.29 million shares.
Trading volume was 20.38 million shares yesterday — beating the daily average by a mammoth 475%.
— Average trading volume refers to a 21-day rolling average.