Hindsight Markets Small-cap stocks on August 19, 2026
TNON on August 19, 2026: why it ran
On August 19, 2026, TNON opened up 106.9% from the previous close of 5.65 and reached 17.80 at 10:47 a.m. ET. The exchange halted it 6 times.
- Previous close
- 5.65
- Open, 9:30 a.m.
- 11.69
- Gap at the open
- up 106.9%
- Pre-market high
- 12.75 at 7:36 a.m.
- High, 4 a.m. to 4 p.m.
- 17.80 at 10:47 a.m.
- Low, 4 a.m. to 4 p.m.
- 8.50
- After-hours high, 4 p.m. to 8 p.m.
- 11.51 at 4:00 p.m.
- Last trade before 4:00 p.m.
- 11.40
- Volume
- 25.73 million
- Relative volume
- 65.8x
- Float
- 606,596 shares, from filings as of August 19, 2026
- Shares outstanding
- 667,047
Replay TNON's day
It starts at 10:25 a.m. ET with the real Level 2, time and sales and chart, from the same feed the replay plays, stops at 10:28 a.m. and asks what you would do. Or press Play on any moment in How it traded.
The day, step by step
- Small cap
- Momentum
- Main move: the morning
- Catalyst: filing
- Round-number break
- Halt run
- Halted six times
- Lower high, faded
The day before
On August 18, TNON ran from $5.04 to $10.11. It gave most of it back and closed at $5.65.
After hours it was back up to $9.64. At 12:15 a.m. on the 19th, the company filed an EFFECT notice (a registration went effective). That is all the filing tells us. By the morning TNON was trading far above the $5.65 close.
Pre-market: the float traded by 4:17 a.m.
The first trades on the 19th were at $10.30, already above the $5.65 close. By 4:17 a.m., more shares had traded than exist in the whole float (606,596). By 7:21 a.m. that was ten times the float.
It came in waves. From $9.00 at 4:07–4:08 a.m. it ran to $11.47 at 4:37 a.m., up 27%. From $9.43 at 6:08 a.m. it ran to $11.95 at 6:41 a.m., up 27% again.
Another push followed: from $9.80 at 6:44 a.m. to $12.44 at 7:13 a.m. The last one was smaller, about 15%. From $11.06 at 7:23 a.m. it ran to the pre-market high, $12.75 at 7:36 a.m. 9.22 million shares traded before the bell.
The open, and the wall at $13.00
It opened at $11.69, up 107% from the previous close. The first minute swung from $12.10 down to $10.80. After the open, the low was $10.05 at 9:59.
Four minutes after the pre-market high, at 7:40 a.m., an ask wall appeared at exactly $13.00. It peaked at 49,909 shares at 9:38 a.m., after the open, about 8% of the float.
Price tagged $13.00 at 9:36 and $12.97 at 9:38 but did not get through. Then came two halts. The stock was halted at 9:40:45 and reopened at 9:45:45 at $11.25. It was halted again at 10:07:28 and reopened at 10:12:28 at $11.36. From $10.25 at 10:01 it ran to $12.70 at 10:16, up 24%, and then pulled back.
Stop It's 10:31. TNON is at $12.40. Just above, a wall of ask orders at $13.00 has sat there since 7:40 a.m. and peaked at 49,909 shares. Would you buy here?
Press play: the real Level 2, time and sales and chart stop at 10:31 a.m. ET for your call, then show what happened. The clip starts at 10:28 a.m. ET.
Here's what happened. At 10:31:29 trades began printing at $13.00. In under a second, 31,481 shares traded at exactly $13.00 and the wall was gone. It wasn't pulled. Buyers ate it. One buy order of 99,049 shares went from $12.70 to $13.26 across 57 levels.
At 10:31:54 it was halted at $13.49. It reopened at 10:36:54 at $14.00, higher than where it stopped. A 5,000-share market buy one second after that reopen averaged $14.61, the same as the screen, because 7,683 shares were offered there. Not every reopen was thin.
Through $15 and a fourth halt
The reopen ran to $14.66, then dropped to $12.60 at 10:37 on a 36,131-share sell. From $13.00 at 10:38 it rebounded. At 10:39 it traded through $15.00 for the first time, helped by a 27,581-share buy that ran from $14.95 to $15.13. At 10:40:56 it was halted again, at $15.56.
Stop It's 10:46. TNON has just reopened from its fourth halt of the day and is at $15.56. It has gone from $13.00 to $15.56 in under ten minutes. Would you chase it here?
Press play: the real Level 2, time and sales and chart stop at 10:46 a.m. ET for your call, then show what happened. The clip starts at 10:43 a.m. ET.
The reopen came at 10:45:56. That minute it dipped to $14.75, then in the 10:46 minute it reached $17.28. The next minute, $17.80, the high of the day, at 10:47. That was up 215% from the $5.65 close.
Two more ask walls appeared above it: $20.00 from 10:46:27 and $18.00 from 10:49:10. Within three minutes of the high it was back at $15.28. It was halted at 10:51:28 and reopened at 10:56:28 at $14.27. Then it fell to $13.13 at 10:58, down 26% from $17.80.
The lower high and the fade
It came back once more. A bid wall formed at $15.00 at 11:24 and grew to 39,239 shares. At 11:30 it pushed to $17.34, a lower high under the $17.80 top, on a 32,359-share buy from $17.00 to $17.34.
At 11:36 it broke. A 30,516-share sell ran from $16.02 to $15.59. The minute dropped to $14.55 on 231,587 shares, and the $15.00 bid wall was pulled at 11:36:22.
From there it faded, with one more halt at 12:02:08 from $12.29. It reopened at 12:07:08 at $12.04. The path down: $14.21 at 11:41 a.m., $12.01 at 12:07 p.m., $10.70 at 2:38 p.m., and $11.40 at the close.
After hours it slid to $9.11 by 4:52 p.m. and was at $9.70 by 7:59 p.m. For the day through the close, 25.01 million shares traded: the float changed hands about 41 times. Relative volume was about 66. It was halted 6 times.
What to take from it
- Here the $13.00 ask wall was a level, not a ceiling. The $13.00 wall (49,909 shares at its peak) was eaten in under a second, and the stock hit $17.80 in the 10:47 minute, about sixteen minutes later.
- Chasing a halt reopen can cost more than the screen says. At 10:45:57 a 5,000-share buy averaged $1,849 above the screen. At 10:36:55, with more shares on offer, it averaged the screen price.
- After the top, the next push stopped lower. $17.80 at 10:47 a.m., then $17.34 at 11:30 a.m. It closed at $11.40, 36% below the high.
Why it ran
News and SEC filings for TNON published between the previous session's close and the first minute TNON traded 20% above it, at 4:00 a.m. ET, newest first, from the same feeds the replay shows.
How it traded
Gap, run and fade. It gapped up 106.9% to 11.69 at the open, ran from the open to the high of 17.80 in 77 minutes through 4 halts, then gave back 105% of that move by 4:00 p.m., trading at 11.40.
| Time (ET) | What happened | Watch it |
|---|---|---|
| 12:15 a.m. | SEC filing EFFECT: | |
| 4:00 a.m. | First trade 20% above the previous close of 5.65 | |
| 4:17 a.m. | Volume since 4:00 a.m. passes the whole float, 606,596 shares | |
| 7:36 a.m. | Pre-market high, 12.75 | |
| 9:30 a.m. | The open: 11.69, up 106.9% from the previous close | |
| 9:40 a.m. | Halted: LULD pause (limit up-limit down). Trading resumes at 9:45 a.m. | |
| 10:07 a.m. | Halted: LULD pause (limit up-limit down). Trading resumes at 10:12 a.m. | |
| 10:31 a.m. | Halted: LULD pause (limit up-limit down). Trading resumes at 10:36 a.m. | |
| 10:40 a.m. | Halted: LULD pause (limit up-limit down). Trading resumes at 10:45 a.m. | |
| 10:47 a.m. | High of the day to the close, 17.80 | |
| 10:51 a.m. | Halted: LULD pause (limit up-limit down). Trading resumes at 10:56 a.m. | |
| 12:02 p.m. | Halted: LULD pause (limit up-limit down). Trading resumes at 12:07 p.m. | |
| 3:59 p.m. | Last trade before the 4:00 p.m. close, 11.40, 36.0% below the high |
The shape is a fixed rule, not a judgement: gapped 10% or more at the open, ran 10% or more from the open to the high, and faded if it gave back 30% or more of that move by the close.
The day in numbers
- From news to the move: the first trade 20% above the previous close came 3 hours 44 minutes after the latest SEC filing before it (EFFECT, 12:15 a.m.).
- Volume, from the one-minute bars: 9.22 million shares before the 9:30 a.m. open (36%), 2.57 million in the first 30 minutes (10%), and 13.94 million in the rest of the day to 8 p.m. (54%).
- Float rotation, the volume since 4 a.m. against the float of 606,596 shares: past it once at 4:17 a.m., twice at 4:35 a.m., three times at 4:46 a.m.
- The halt at 9:40 a.m.: down 12.8% in the 5 minutes into it, reopened at 11.25, up 1.4% from the last trade before it, then up 1.3% over the next 5 minutes.
- The halt at 10:07 a.m.: up 11.2% in the 5 minutes into it, reopened at 11.36, down 3.0% from the last trade before it, then up 5.8% over the next 5 minutes.
- The halt at 10:31 a.m.: up 8.4% in the 5 minutes into it, reopened at 14.00, up 3.8% from the last trade before it, then up 11.1% over the next 5 minutes.
- The halt at 10:40 a.m.: up 15.3% in the 5 minutes into it, reopened at 15.56, unchanged from the last trade before it, then up 4.8% over the next 5 minutes.
- The halt at 10:51 a.m.: down 10.8% in the 5 minutes into it, reopened at 14.27, down 3.3% from the last trade before it, then up 4.3% over the next 5 minutes.
- The halt at 12:02 p.m.: down 13.4% in the 5 minutes into it, reopened at 12.04, down 2.0% from the last trade before it, then up 10.7% over the next 5 minutes.
- Other days TNON met the small-cap rule in our recaps: 6, the latest on September 30, 2026.
Halts
| Halted | Resumed | Length | Reason in the feed |
|---|---|---|---|
| 9:40 a.m. | 9:45 a.m. | 5 min 0 s | LULD pause (limit up-limit down) |
| 10:07 a.m. | 10:12 a.m. | 5 min 0 s | LULD pause (limit up-limit down) |
| 10:31 a.m. | 10:36 a.m. | 5 min 0 s | LULD pause (limit up-limit down) |
| 10:40 a.m. | 10:45 a.m. | 5 min 0 s | LULD pause (limit up-limit down) |
| 10:51 a.m. | 10:56 a.m. | 5 min 0 s | LULD pause (limit up-limit down) |
| 12:02 p.m. | 12:07 p.m. | 5 min 0 s | LULD pause (limit up-limit down) |
On this date the LULD plan ran under Amendment 18, in force from February 24, 2020: no band doubling at the open, and the closing doubling only for Tier 1 stocks and Tier 2 stocks whose previous close was at or below three dollars. See LULD halts or work out a band with the LULD calculator.
Trade this day
Replay TNON on August 19, 2026 in Hindsight Markets: the real tape, the order book and the halts, on a clock you control, and see where your orders would have filled.