Hindsight Markets Small-cap stocks on September 23, 2026
TNMG on September 23, 2026: why it ran
On September 23, 2026, TNMG opened up 1.5% from the previous close of 3.95 and reached 7.11 at 10:39 a.m. ET. The exchange halted it 4 times.
- Previous close
- 3.95
- Open, 9:30 a.m.
- 4.01
- Gap at the open
- up 1.5%
- Pre-market high
- 6.27 at 8:01 a.m.
- High, 4 a.m. to 4 p.m.
- 7.11 at 10:39 a.m.
- Low, 4 a.m. to 4 p.m.
- 3.65
- After-hours high, 4 p.m. to 8 p.m.
- 4.76 at 4:00 p.m.
- Last trade before 4:00 p.m.
- 4.49
- Volume
- 2.50 million
- Relative volume
- 1.7x
- Float
- 697,299 shares, from filings as of September 23, 2026
- Shares outstanding
- 760,573
Replay TNMG's day
It starts at 7:43 a.m. ET with the real Level 2, time and sales and chart, from the same feed the replay plays, stops at 7:46 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: mid-morning
- Halted four times
- Halt reopens
- Lower high
- Float traded 3.6x
- Faded
Pre-market: two spikes, and the float by 8:02 a.m.
The first trades on the 23rd, at 4:00 a.m., were around $4.19, already above the $3.95 previous close. The data shows no news headline for the day.
The first spike came at 5:14 a.m. At 5:13 it was at $4.55. One minute later it hit $5.51, up 34% from the $4.12 low at 4:00. Then it fell just as fast. By 5:18 it was at $3.77, down 32% from $5.51. About 280,000 shares traded in those six minutes.
It spent the next two hours between about $3.77 and $4.21. Then it spiked again. From $3.98 at 7:19 it ran to the pre-market high, $6.27 at 8:01 a.m. That one minute traded 147,328 shares.
By 8:02 a.m., more shares had traded than exist in the whole float (697,299). At 8:02 it was already down to $4.79. It bounced to $5.60 at 8:03, then dropped to $3.90 at 8:05, back under the $3.95 close. About 488,000 shares traded between 8:01 and 8:05. 1.09 million traded before the bell.
The open, then a quiet 45 minutes
It opened at $4.01. Through 10:14 it traded between $3.97 and $4.70. The $4.70 came at the end of that stretch, at 10:14.
Stop It's 10:15. TNMG is at $4.70, up from the $4.01 open. The pre-market high of $6.27 is well above. Would you buy here?
Press play: the real Level 2, time and sales and chart stop at 10:15 a.m. ET for your call, then show what happened. The clip starts at 10:12 a.m. ET.
It ran. The 10:15 minute touched $5.00 and the 10:18 minute reached $5.38 on 29,515 shares. At 10:18:35 it was halted (a volatility pause), with the last trade at $5.38.
The reopen at $6.45
The halt lasted 15 minutes. At 10:33:53 it reopened at $6.45, above the $6.27 pre-market high and well above the $5.38 where it stopped. One print at the reopen was 60,113 shares at $6.45, more than 8% of the float in a single trade.
The same second, two sell orders swept down through the book: 10,550 shares from $6.44 to $5.87 across 25 price levels, and 16,349 shares from $6.13 to $5.81 across 22 levels. The 10:33 minute traded as low as $5.81 and closed at $6.03.
Stop It's 10:34. TNMG is at $6.03, seconds after it reopened from a 15-minute halt at $6.45. The pre-market high of $6.27 is above. Would you buy here?
Press play: the real Level 2, time and sales and chart stop at 10:34 a.m. ET for your call, then show what happened. The clip starts at 10:31 a.m. ET.
At 10:34:03 a buy order swept 11,167 shares from $6.39 to $6.58 across 15 levels. The minute ran to $7.10 on 167,932 shares. At 10:34:34 it was halted again, with the last trade at $7.10.
It reopened at 10:39:34 at $6.50, below where it stopped. One print at the reopen was 35,661 shares at $6.50.
The 10:39 minute made $7.11, the high so far, up 80% from the $3.95 close. The same minute went down to $5.85. At 10:39:38 an ask wall appeared at $7.77, 24,170 shares, 3.5% of the float, above the high. At 10:39:58 it was halted a third time, with the last trade at $5.85. The wall was pulled at 10:42:16, while the stock was still halted.
It reopened at 10:50:31 at $5.00, below where it stopped. A 35,045-share print went through at $5.00. A sell order swept 11,997 shares from $4.99 to $4.80 across 17 levels.
The 10:50 minute reached $4.50. At 10:50:58 it was halted a fourth time, with the last trade at $4.50.
The reopen at $4.12
The fourth halt lasted ten minutes. It reopened at 11:00:58 at $4.12, below the $4.50 where it stopped and about 42% under the $7.11 high. A 24,097-share print went through at $4.12.
Stop It's 11:01. TNMG is at $4.30, seconds after it reopened from its fourth halt at $4.12. It was at $7.11 twenty-two minutes ago. Would you buy here?
Press play: the real Level 2, time and sales and chart stop at 11:01 a.m. ET for your call, then show what happened. The clip starts at 10:58 a.m. ET.
The 11:01 minute went down to $4.00, down 44% from $7.11, on 104,422 shares. At 11:01:33 a sell order swept 16,072 shares from $4.53 to $4.30 across 10 levels. The minute closed at $4.51.
The rest of the day
It bounced to $4.81 at 11:09, then slid. At 12:16 it fell through $4 on 14,571 shares and made $3.65 at 12:18, the low of the day.
It recovered slowly. At 3:02 p.m. it pushed to $4.83, the highest since the 11:01 drop but far under the $7.11 top. It closed at $4.49, 37% under the high of the day.
Pre-market traded 1.09 million shares and the regular session 1.38 million. After hours added 32,011. For the whole day, 2.50 million shares traded: the float changed hands about 3.6 times, at about 1.7 times its normal volume, and it was halted 4 times.
What to take from it
- A halt reopen can land far from where it stopped, in either direction. This day it stopped at $5.38 and reopened at $6.45. Later it stopped at $5.85 and reopened at $5.00.
- The seconds after some reopens were thin. 543 shares were offered at $6.41 and 16 at $4.82, and 5,000-share orders cost $1,069 and $1,662 more than the screen showed. At the first reopen, 6,890 shares sat at $5.82 and the order filled at the screen price.
- After the top, no push got back near it. $7.11 at 10:39 a.m., then $4.81 at 11:09 and $4.83 at 3:02 p.m. It closed at $4.49.
Why it ran
News and SEC filings for TNMG published between the previous session's close and the first minute TNMG traded 20% above it, at 5:13 a.m. ET, newest first, from the same feeds the replay shows.
No news found before the move.
How it traded
Intraday run. It opened up 1.5% at 4.01, then ran from the open to the high of 7.11 in 69 minutes through two halts.
| Time (ET) | What happened | Watch it |
|---|---|---|
| 5:13 a.m. | First trade 20% above the previous close of 3.95 | |
| 8:01 a.m. | Pre-market high, 6.27 | |
| 8:02 a.m. | Volume since 4:00 a.m. passes the whole float, 697,299 shares | |
| 9:30 a.m. | The open: 4.01, up 1.5% from the previous close | |
| 10:18 a.m. | Halted: LULD pause (limit up-limit down). Trading resumes at 10:33 a.m. | |
| 10:34 a.m. | Halted: LULD pause (limit up-limit down). Trading resumes at 10:39 a.m. | |
| 10:39 a.m. | High of the day to the close, 7.11 | |
| 10:39 a.m. | Halted: LULD pause (limit up-limit down). Trading resumes at 10:50 a.m. | |
| 10:50 a.m. | Halted: LULD pause (limit up-limit down). Trading resumes at 11:00 a.m. | |
| 3:59 p.m. | Last trade before the 4:00 p.m. close, 4.49, 36.8% 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
- Volume, from the one-minute bars: 1.09 million shares before the 9:30 a.m. open (44%), 46,307 in the first 30 minutes (2%), and 1.36 million in the rest of the day to 8 p.m. (55%).
- Float rotation, the volume since 4 a.m. against the float of 697,299 shares: past it once at 8:02 a.m., twice at 10:33 a.m., three times at 11:07 a.m.
- The halt at 10:18 a.m.: up 16.5% in the 5 minutes into it, reopened at 6.45, up 19.9% from the last trade before it, then up 10.1% over the next 5 minutes.
- The halt at 10:34 a.m.: up 32.0% in the 5 minutes into it, reopened at 6.50, down 8.5% from the last trade before it.
- The halt at 10:39 a.m.: down 17.6% in the 5 minutes into it, reopened at 5.00, down 14.5% from the last trade before it.
- The halt at 10:50 a.m.: down 23.1% in the 5 minutes into it, reopened at 4.12, down 8.4% from the last trade before it, then up 8.3% over the next 5 minutes.
- Other days TNMG met the small-cap rule in our recaps: 3, the latest on October 2, 2026.
Halts
| Halted | Resumed | Length | Reason in the feed |
|---|---|---|---|
| 10:18 a.m. | 10:33 a.m. | 15 min 18 s | LULD pause (limit up-limit down) |
| 10:34 a.m. | 10:39 a.m. | 5 min 0 s | LULD pause (limit up-limit down) |
| 10:39 a.m. | 10:50 a.m. | 10 min 33 s | LULD pause (limit up-limit down) |
| 10:50 a.m. | 11:00 a.m. | 10 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 TNMG on September 23, 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.