High stock trading volume often signals that the company is attracting above-average attention from investors. In general, stocks that rise on strong volume is a bullish signal. This has more meaning if the uptrend continues.
On May 1, 2024, Pfizer posted a 19.5% Y/Y drop in revenue yet shares rose. Shareholders are content that the firm will achieve at least $4 billion in net cost savings by the end of 2024. It reaffirmed its revenue guidance of $58.5 billion to $61.5 billion. PFE stock closed at $28.16.
Meme sensation stock Gamestop (GME) fell to as low as sub-$14 on Monday before closing at $16.31. Although short-sellers have too big a position, the game seller suffers from a broken business.
Super Micro Computer (SMCI) regained some lost ground. Shares fell as low as around $700 after the firm posted strong results. It closed at $830.35 and is on pace to trade toward $900 next.
Last week, a competitor to Walgreens (WBA), CVS Health (CVS), posted disastrous results. On Monday, WBA stock lost 3.09% on no news. Shares do not trade ex-dividend until May 20. The stock pays a $0.25 a share quarterly dividend, which yields 5.61%.
Airline stocks are the preferred trade. American Airlines (AAL) should bounce above the $14 support line. Spirit Airlines (SAVE) reported $1.46 a share in losses on Monday.
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