Bank of America Corp (NYSE:BAC), Sprint Corporation (NYSE:S), and Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) are among the top three stocks traded over the week with highest trade volume. Both Bank of America Corp (NYSE:BAC) and Sprint Corporation (NYSE:S) are trading above their average price.
Bank of America Corp (NYSE:BAC) was the most traded share for the week with a trading volume of 113,989,402 at an average price of $16.79. Its progress is credited to the completion of its legal troubles with the federal authorities and a new investment product that will help its investors benefit from Alibaba’s IPO. Further, Goldman Sachs Group Inc (NYSE:GS) upgraded the rating of Bank of America Corp (NYSE:BAC)’s stock to “Buy” from “Neutral” increasing investor faith in the company.
Sprint Corporation (NYSE:S) was the other winner of the week with a trade volume of 99,555,817 at an average share price of $7.00. It was an excellent week for the company and its share prices rallied up to $7.00 with an increase of 18.93%. Sprint Corporation (NYSE:S) has claimed that it has the best offer for iPhone 6 users, as the company has introduced “for rent” option for iPhone 6 for monthly charges of $20. Further, customers can combine it with the latest Unlimited $50 plan from the company.
Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) was at the losing end of the week with share volume of 53,252,561 and nearly 7% loss in its share value. The company lost nearly 15.48% in terms of share prices and the trend was quite similar for most of the Brazilian Stocks. One of the primary reasons for lower prices was the fact that Moody Investors Service has degraded the credit rating to Brazil considering it a weak economy and awarded a negative rating.
This article has been written by Prakash Pandey.