Apr 11 2014, 9:31am CDT | by Forbes
Looking through the closing trading data for the Russell 1000 components, there are some abnormal volume stand-outs that traders will be interested to watch during Friday’s upcoming session. To compile this list, we calculated the three month average volume for each stock ahead of the previous trading session, and then compared against the volume seen during the session, to find those stocks with the most abnormally high volume.
Topping the list was Bed, Bath & Beyond (NASD: BBBY), with 4.4x normal volume. In the prior session, BBBY traded 12.08 million shares, versus normal volume of about 2.75 million. On the 9th, Bed Bath & Beyond reported results for the fiscal year ended March 1, 2014.
Artisan Partners Asset Management (NYSE: APAM) ranked #2 on the list, with 4.2x normal volume, based on the approximately 1.41 million shares trading in the last session, versus a calculated normal volume of 338,830. Last week Keefe Bruyette upgraded Artisan Partners to Outperform.
Coming in at #3, Catamaran Corp (NASD: CTRX) saw 4.1x normal trading volume, with volume of 9.57 million shares versus the usual 2.31 million. According to theflyonthewall.com, “Cleveland Research said Catamaran checks indicate client frustration with customer service and implementation issues.”
Arthur J. Gallagher & Co. (NYSE: AJG) ranked #4 on the list, with 4.0x normal volume, based on the approximately 2.77 million shares trading in the last session, versus a calculated normal volume of 694,755. Yesterday, Arthur J. Gallagher & Co. announced that it has priced an offering of 19 million shares of its common stock at a price of $43.25 and granted the underwriters in the offering a 30-day option to purchase up to an additional 2.85 million shares of its common stock at the same price.
And finally, Family Dollar Stores, Inc. (NYSE: FDO) ranked #5 on the list, with 3.6x normal volume, seeing about 6.94 million shares change hands, compared to normal volume of 1.93 million. Yesterday, Family Dollar reported second quarter 2014 financial results and announced immediate strategic actions.
Comparing these stocks on a trailing twelve month basis, below is a relative stock price performance chart, with each of the symbols shown in a different color as labeled in the legend at the bottom:
Here’s a table of the full top 10 stocks with abnormal volume:
|Company||Degree Above Normal|
|Bed, Bath & Beyond, Inc. (NASD: BBBY)||4.4x|
|Artisan Partners Asset Management Inc (NYSE: APAM)||4.2x|
|Catamaran Corp (NASD: CTRX)||4.1x|
|Arthur J. Gallagher & Co. (NYSE: AJG)||4.0x|
|Family Dollar Stores, Inc. (NYSE: FDO)||3.6x|
|Commerce Bancshares, Inc. (NASD: CBSH)||3.5x|
|Gilead Sciences, Inc. (NASD: GILD)||3.0x|
|Cabot Oil & Gas Corp. (NYSE: COG)||2.9x|
|Tech Data Corp. (NASD: TECD)||2.6x|
|Martin Marietta Materials, Inc. (NYSE: MLM)||2.6x|
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