Volume Busting Stocks to Watch Out for

PUBLISHED: 12 Sep 2012 @ 17:13 | Comments (0) | More info about Ed Liston

Market is tugging along in an uncertain way with Dow Jones currently up by measly 0.23 percent, while NASDAQ is in green with barely 0.19 percent gain. However, even in this lackluster market, there are plenty of stocks gaining attention and scoring big volumes. Let’s have a look at today’s top volume busting stocks and their price movements:

Bank of America Corp. (NYSE:BAC): The stock is trading at $8.99, down 0.39 percent from its previous close. The stock has already traded $119 million shares, higher than its average daily volume of 111 million shares. The stock is oscillating in the range of $8.89 and $9.19 in the current session, whereas its 52 weeks trading limits are pegged at $4.92 and $10.10. The banking company is looking to revamp its digital payment system and is planning to collaborate with other major banks such as Citigroup and Wells Fargo. The collaboration will make it easier for bank customers to transfer their funds. Bank of America has market capitalization of $96.99 billion and its stock is trading at the P/E ratio of 9.86. The banking company reported its latest earnings per share at $0.91.

Facebook Inc. (NASDAQ:FB) Arguably, the biggest IPO blunder of the year, Facebook stock has already seen 63.26 million of its shares changing hands in the current session. On an average, the number of shares transacted for this stock stands at 49.11 million a day. The silver lining in the cloud is that the stock is trading 5.14 percent up at $20.43. Facebook founder Mark Zuckerberg reiterated his faith in the company and the stock and delivered a pep talk today. The company is expected to focus on delivering mobile content and is also planning to find new ways of monetizing the content. The stock has traded in the range of $17.55 and $45 since its IPO earlier this year. Out of its 2.14 billion shares outstanding in the market, 15 percent are owned by institutional investors. However, this fact has not been able to stem its continuous slide. While most of the equity research companies have still valued the stock at above lofty valuation of $30+ per stock, Needham & Co. decided to slash its earlier target of $40 to more plausible $25. The company currently has market capitalization of $43.76 billion.

American International Group (NYSE:AIG): This perennial stock is trading 1.01 percent up on good volumes. In comparison to its daily average volume of 17.54 million shares, the company has already traded 57.218 million shares today. The Treasury is on with its plan to reduce its stake in the insurance company and is targeting 16 percent level. The stock is also buoyant on the CEO’s assertion that the company is in position to pay dividend as it currently has about $11 billion in cash and equivalent securities. American International Group currently commands $58.42 billion in market capitalization. The stock is currently at $33.85 and has traded in the range of $33.55 and $34.44 in the current trading session. In the previous 52 weeks, it oscillated between $19.18 and $35.36. American International Group has 31 percent of its outstanding shares held by institutional investors.

Sirius XM Radio Inc. (NASDAQ:SIRI): The stock is seeing good insider trading and the stock is trading down on heavy volume. Sirius XM Radio is at $2.42, down 3.20 percent from its previous close and has already scored the volume of 57.676 million shares, in contrast to its average daily volume of 52.124 million shares. The stock is being lapped up by Liberty Media Corporation, which already holds about 49 percent stake in the company. The media company is planning to attain more than 50 percent control in the market through its share purchase. Sirius XM Radio has traded in the range of $1.27 and $2.64 in the past 52 weeks and the company has market capitalization of $9.28 billion.

Nokia Corporation (NYSE:NOK): Once a thriving stock, Nokia is trying to remain afloat. The stock is up 2.15 percent today and is trading at $2.85. It has already seen 48.48 million of its shares trading hands today. The stock is oscillating between $2.82 and $2.98. The company’s fortunes are likely to be battered further by the introduction of new shiny iPhone by Apple. Nokia, on its part, tried to put a brave face and introduced Lumia 920, which failed to capture any attention. The company’s current market worth stands at $10.67 billion.

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