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April 28, 2023
Pinterest, Inc., Shaw Communications Inc., Altice USA, Inc. and others reached higher-than-usual trading volumes.
Today's session summary: Markets were up today; Dow Jones closed the day at 34,100, having gained 0.8%. S&P 500 gained 0.83% and closed at 4,169.48.
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:
Pinterest | 544% above rolling average
Trading volume was 62.92 million shares today — beating the daily average by a mammoth 544%.
The social media service is now trading 12.06% below its 3-month high of $29.1. Pinterest's downtrend has seen it decline 19.64% in 10 days
Shaw Communications | 473% higher than rolling average
Shaw Communications has posted further gains as part of a 17 day trend that has already seen the stock gain $1.58. Shaw Communications lived up to expectations today by maintaining its set course — Shaw Communications rose 27 cents to close at $30.18 today which makes for a move of 0.9%.
Trading volume peaked at 6.35 million shares today, thereby obliterating the daily average of 1.34 million by 473%.
Altice USA | 475% higher than rolling average
Today's trading volume was 20.38 million shares (surpassing the daily average by 475%).
Altice USA hit a significant low of $2.65 around 2 days ago, but has since recovered 12.45%. Altice USA has posted further gains as part of a 3 day trend that has already seen the stock gain 33 cents.
Altice USA is scheduled to announce earnings results Wednesday. The consensus EPS estimate is 0.04 and the consensus revenue estimate is $2.32 billion.
— Average trading volume refers to a 21-day rolling average.
