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June 25, 2023
Shaw Communications Inc., CenturyLink, Inc. d/b/a Lumen T, NeoGames S.A. and others reached higher-than-usual trading volumes.
A quick recap of where the last trading session ended: Leading equity indices in the US declined as S&P 500 closed at 4,348.33, a 0.77% change. Nasdaq lost 1% and ended the session at 13,500.
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 Friday, some communication_services stocks reached high volumes. Here is an update.
Shaw Communications | 473% above rolling average
Shaw Communications Inc. outpaced its average daily trading volume (1.34 million) with 6.35 million shares traded Friday.
The Canadian ISP has recovered 24.68% since descending to a significant low of $24 around 8 months ago. The stock has been trending positively for about 3 months. Shaw Communications has posted further gains as part of a 17 day trend that has already seen the stock gain $1.58.
Shaw Communications discloses 7.2 cents per share dividend to be paid on Thursday, March 30th
Shaw Communications is scheduled to announce earnings results Wednesday. The consensus Earnings Per Share estimate is 0.35 and the consensus revenue estimate is $1.36 billion.
Lumen Technologies | 432% above rolling average
Lumen Technologies went down to $1.82 (1.62%), adding to its five days of losses. The integrated communications company has fallen back around 83.73% over the past 11 months, from a notable high of $11.37. The company has a market cap of $1.83 billion with an average daily trading volume of 30.96 million shares.
Friday's trading volume was 133.81 million shares (surpassing the daily average by 432%).
NeoGames | 456% higher than rolling average
Though in the midst of a 29 day uptrend, gaining a total of 108.49%, ($14.24), The prevailing bullish trend is beginning to fade following Friday's downbeat session. After ending Thursday at $27.08, NeoGames declined to $26.7 Friday before closing at $26.77, thereby losing 1.14% in total.
Trading volume peaked at 1.66 million shares Friday, thereby obliterating the daily average of 364,263 by 456%.
— Average trading volume refers to a 21-day rolling average.
