General Electric (GE -1.5%) has seen huge trading volume this year, with its average 80M shares traded per day YTD coming in at twice the level in 2017 and poised to displace Bank of America as the most popular company in the S&P 500 by average volume, Bloomberg reports.
“Think of Bank of America and Citibank back in 2008, where you had hundreds of millions of shares trading every day. Those were stocks trading at less than $10 at that time,” says Art Hogan, chief market strategist at B. Riley. “GE is falling into the category of low-cost trading vehicle that’s catalyst-rich.”
The next catalyst could come this Friday when GE issues its Q2 report; investors likely are hoping for a boring quarter with “plain earnings and revenue, with a little free cash flow and no drama about new charges or comments about the dividend.”
GE has lost popularity based on other measures: When ranked by the value of shares traded, GE only ranks no. 17, with an average of $1.2B shares changing hands each day over the past six months, far behind no. 1 Amazon’s $7.9B.