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February 22, 2023
AMC Entertainment Holdings, Inc., DoorDash, Inc., DISH Network Corp and others reached higher-than-usual trading volumes.
Here's an update with information from the last trading session: Leading equity indices in the US declined as Dow Jones slipped 2.06% and closed at 33,130. After dropping 2%, S&P 500 closed at 3,997.34.
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 yesterday, some communication_services stocks reached high volumes. Here is an update.
AMC Entertainment | 193% higher than rolling average
Yesterday's trading volume was 72.13 million shares (surpassing the daily average by 193%).
The theatre company has fallen back around 82.2% from the significant high of $29.44 set 10 months ago. AMC Entertainment has posted further gains as part of a 5 day trend that has already seen the stock gain 74 cents.
AMC Entertainment is scheduled to announce earnings results Tuesday. The consensus Earnings Per Share estimate is -0.2 and the consensus revenue estimate is $1.14 billion.
DoorDash | 163% above rolling average
Over the last 4 days, DoorDash has fallen 14.84%. More of the same from yesterday's session: DoorDash shed 6.07%, falling to $58.06.
Trading volume peaked at 10.27 million shares yesterday, thereby obliterating the daily average of 6.31 million by 163%.
Dish Network | 217% above rolling average
Dish Network had a compelling day yesterday, with 8.96 million shares traded helping the company surpass its average daily volume by 217%.
The US multi-device provider of TV services is up 9.44% from the significant low of $12.93 it hit a day ago. Dish Network's bearish run has lasted 4 days so far (-26 cents).
Dish Network is scheduled to announce earnings results tomorrow. The consensus EPS estimate is 0.47 and the consensus revenue estimate is $4.15 billion.
— Average trading volume refers to a 21-day rolling average.
