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May 18, 2023
A busy day for Take-Two Interactive Software Inc, Shaw Communications Inc., Netflix, being the prominent communication_services stocks displaying higher volumes than usual.
Here's an update with information from the last trading session: Leading equity indices in the US rose as Nasdaq gained 1.51% and closed at 12,700. S&P 500 closed the day at 4,198, having gained 0.94%.
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 today with some communication_services stocks recording abnormally high trading volumes. Here's a recap:
Take-Two Interactive | 782% above rolling average
Take-Two Interactive Software Inc had a compelling day today, with 12.44 million shares traded helping the company surpass its average daily volume by 782%.
6 months ago, the US game holding company fell to a low of $93.57 but has since recovered 33.61%. The stock has been trending positively for about 4 months. Take-Two Interactive has posted further gains as part of a 10 day trend that has already seen the stock gain $4.74.
Shaw Communications | 473% higher than rolling average
Shaw Communications hit a significant low of $24 around 7 months ago, but has since recovered 24.68%. The stock has been trending positively for about 2 months. Currently, the Canadian ISP has a market capitalization of $14.94 billion with an average daily trading volume of 1.34 million shares.
Today's trading volume peaked at 6.35 million shares, thereby blitzing the daily average of 1.34 million by 473%.
Netflix | 342% higher than rolling average
After ending yesterday at $339.96, Netflix rallied to $375.87 today, hitting its highest point in 3 months. It later lost $4.58 and closed at $371.29. Netflix ended yesterday's session at $339.96. today started with an increase to $375.87, but dropped back and closed at $371.29.
Trading volume peaked at 20.64 million shares today, thereby obliterating the daily average of 6 million by 342%.
— Average trading volume refers to a 21-day rolling average.
