There are many academic studies about impact of high volume turnover on subsequent stock price behavior. Like the one below:
The idea that extreme trading activity contains information about the future evolution of stock prices is investigated. We find that stocks experiencing unusually high (low) trading volume over a day or a week tend to appreciate (depreciate) over the course of the following month. We argue that this "high-volume return premium" is consistent with the idea that shocks in the trading activity of a stock affect its visibility, and in turn the subsequent demand and price for that stock. Return autocorrelations, firm announcements, market risk, and liquidity do not seem to explain our results.
One of the interesting stock in this list is MOVI,Movie Gallery Inc.
This stock had a extreme volume day 57 days ago on 15th March. I put it on watchlist since then (as it was below 5 at that time). Now one of the other reason this stock attracted my attention was because many years ago I owned it. When the market was tanking in 2001, this stock along with HLWY were outperforming the market going up 800 % plus. A year or so ago these two companies merged, leading to the slide in this stock.
CSPLF,Canada Southern Petroleum Ltd
ESCL,Escala Group Inc
EWM,iShares MSCI Malaysia Index Fund ETF
EZM,EuroZinc Mining Corp
GLD,streetTRACKS Gold Shares ETF
JSDA,Jones Soda Co
LBTYA,Liberty Global Inc Class A
MGPI,Mgp Ingredients Inc
MOVI,Movie Gallery Inc
RTI,Rti Internat Metal Inc
SSRI,Silver Standard Resource
TGB,Taseko Mines Ltd
TIE,Titanium Metals Corp New
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