Hindsight Markets Small-cap stocks on September 25, 2026
CNET on September 25, 2026: why it ran
On September 25, 2026, CNET opened up 28.7% from the previous close of 1.43 and reached 2.87 at 9:46 a.m. ET. The exchange halted it 2 times.
- Previous close
- 1.43
- Open, 9:30 a.m.
- 1.84
- Gap at the open
- up 28.7%
- Pre-market high
- 2.57 at 9:29 a.m.
- High, 4 a.m. to 4 p.m.
- 2.87 at 9:46 a.m.
- Low, 4 a.m. to 4 p.m.
- 1.39
- After-hours high, 4 p.m. to 8 p.m.
- 2.38 at 6:24 p.m.
- Last trade before 4:00 p.m.
- 1.77
- Volume
- 10.50 million
- Relative volume
- 5639.3x
- Float
- 3.21 million shares, from filings as of September 25, 2026
- Shares outstanding
- 3.67 million
Replay CNET's day
It starts at 9:22 a.m. ET with the real Level 2, time and sales and chart, from the same feed the replay plays, stops at 9:25 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 open
- Halted twice
- Higher reopen
- Lower high
- Float traded 3x
Before the bell: five minutes
The previous close was $1.43. On September 24 the stock traded just 648 shares. Today's first trades came at 9:25 a.m., around $1.44.
By 9:29 a.m. it had run to the pre-market high, $2.57. The stock went through $2.00 for the first time in that same minute. All 33,022 pre-market shares traded in the five minutes from 9:25 a.m. to the bell, and 27,894 of them came in the 9:29 minute.
Our data has no news headline for the day.
The open and the first halt
It opened at $1.84, up 29% from the previous close. The first big trade was 19,020 shares at $1.84 at 9:30:01.
The first minute was a swing. It dropped to $1.65, down 36% from the pre-market high. At 9:31 a.m. it was back up to $2.30, up 39% from that low. Then it fell to $1.72 at 9:33 a.m., down 25% from $2.30.
It then climbed again. The 9:35 candle traded 306,193 shares and closed at $2.36. At 9:36:25 a.m. it was halted (a volatility pause) with the last trade at $2.48.
The $2.75 reopen and the second halt
It reopened at 9:46:25 a.m., ten minutes later, at $2.75, 11% above where it stopped. The reopening print was 126,013 shares.
The high so far, $2.87, came in that same minute. Then the sellers took over. At 9:46:29 one sell order swept 67,486 shares from $2.72 down to $2.55 across 18 price levels. That minute traded 894,763 shares and closed at $2.20, down from $2.87.
After the reopen, an offer for stock at exactly $2.20 built up on the book, first seen at 9:46:57. It peaked at 164,344 shares at 9:47:10, about 5% of the float. At 9:47:10 the stock was halted again (a volatility pause), with the last trade at $2.20. The offer left the book at 9:49:00, while trading was still halted.
It reopened at 9:52:10 at $2.16, on a 59,151-share print. The first minute fell to $1.91, down 33% from the $2.87 top.
After the second reopen
Stop It's 9:53. CNET is at $2.07. It reopened from its second halt at $2.16, dropped to $1.91, and the high so far is $2.87. Would you buy here?
Press play: the real Level 2, time and sales and chart stop at 9:53 a.m. ET for your call, then show what happened. The clip starts at 9:50 a.m. ET.
The next two minutes went up. The 9:53 candle closed at $2.31 and the 9:54 candle at $2.53. By the end of the 9:54 minute, 3.16 million shares had traded, just under the float (3.21 million).
Stop It's 9:55. CNET is at $2.53, up from $2.07 two minutes ago. An offer for shares has just appeared at $2.70, above the market. The high so far is $2.87. Would you buy here?
Press play: the real Level 2, time and sales and chart stop at 9:55 a.m. ET for your call, then show what happened. The clip starts at 9:52 a.m. ET.
At 9:55 a.m. it pushed to $2.70, a lower high under $2.87. The offer at $2.70 was first seen at 9:54:47. It grew to a peak of 58,179 shares at 9:57:15, about 2% of the float.
It touched $2.70 again at 9:56, then sellers hit it. At 9:56:12 one sell order swept 24,178 shares from $2.63 to $2.57. At 9:56:25 another took 24,982 shares from $2.64 to $2.55. At 9:58 two more sweeps took 26,274 shares from $2.55 to $2.44 and 21,964 shares from $2.49 to $2.41. It did not trade above $2.70 for the rest of the day.
The slide, and bids that came and went
From $2.70 it slid through the morning. At 10:13:22 a sell order swept 23,250 shares from $2.01 to $1.98. By 10:26 the low was $1.70.
During that slide, large bids came and went. A bid at $1.77 was first seen at 10:13:38 and peaked at 81,743 shares at 10:17:25, about 2.5% of the float. At 10:21:33 a sell order swept 26,833 shares from $1.84 to $1.78. In the seconds from 10:22:51 to 10:22:55 only 1,647 shares traded at exactly $1.77. The bid was pulled at 10:22:56.
A second bid sat lower. From 10:50 a.m. on, someone was bidding for a lot of stock at exactly $1.70. It peaked at 53,613 shares at 11:10 a.m., about 2% of the float. The stock stayed above it and never touched $1.70 in that window. At 11:20:42 a.m. it was pulled: the size left the book without trading there.
At 12:07 p.m. the stock fell from $1.76 to $1.64, through the $1.70 level. The low after the open was $1.53 at 12:16 p.m. For the rest of the regular session it stayed between $1.53 and $1.80.
The close and after hours
It closed at $1.77, 38% under the $2.87 high of the day. For the whole session to the close, 9.69 million shares traded: the float changed hands about 3 times, at over 5,000 times its normal volume. The day before, it traded 648 shares.
After hours it hit a low of $1.70 at 4:25 p.m. and reached $2.38 by 6:24 p.m., up 40% from that low. By 7:59 p.m. it was back at $1.92. 775,496 shares traded after hours.
What to take from it
- A halt can reopen higher than it stopped. The 9:36 a.m. halt stopped at $2.48 and reopened at $2.75. The high of $2.87 came in the same minute, and the minute closed at $2.20.
- A big bid or offer is not a promise. The $2.20 offer left the book during the halt. The $1.77 bid was pulled at 10:22:56. The $1.70 bid was pulled at 11:20:42, and the stock fell through $1.70 at 12:07.
- After the top, the next push stopped lower. $2.87 at 9:46 a.m., then $2.70 at 9:55 a.m. It closed at $1.77, 38% under the high.
Why it ran
News and SEC filings for CNET published between the previous session's close and the first minute CNET traded 20% above it, at 9:29 a.m. ET, newest first, from the same feeds the replay shows.
No news found before the move.
How it traded
Gap, run and fade. It gapped up 28.7% to 1.84 at the open, ran from the open to the high of 2.87 in 16 minutes through a halt, then gave back 107% of that move by 4:00 p.m., trading at 1.77.
| Time (ET) | What happened | Watch it |
|---|---|---|
| 9:29 a.m. | First trade 20% above the previous close of 1.43 | |
| 9:29 a.m. | Pre-market high, 2.57 | |
| 9:30 a.m. | The open: 1.84, up 28.7% from the previous close | |
| 9:36 a.m. | Halted: LULD pause (limit up-limit down). Trading resumes at 9:46 a.m. | |
| 9:46 a.m. | High of the day to the close, 2.87 | |
| 9:47 a.m. | Halted: LULD pause (limit up-limit down). Trading resumes at 9:52 a.m. | |
| 9:55 a.m. | Volume since 4:00 a.m. passes the whole float, 3.21 million shares | |
| 3:59 p.m. | Last trade before the 4:00 p.m. close, 1.77, 38.3% 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: 33,022 shares before the 9:30 a.m. open (0%), 4.47 million in the first 30 minutes (43%), and 6.00 million in the rest of the day to 8 p.m. (57%).
- Float rotation, the volume since 4 a.m. against the float of 3.21 million shares: past it once at 9:55 a.m., twice at 10:11 a.m., three times at 3:35 p.m.
- The halt at 9:36 a.m.: up 17.5% in the 5 minutes into it, reopened at 2.75, up 10.9% from the last trade before it, then down 20.0% over the next 5 minutes.
- The halt at 9:47 a.m.: down 11.3% in the 5 minutes into it, reopened at 2.16, down 1.8% from the last trade before it, then up 11.6% over the next 5 minutes.
- In our recaps, this is the only day CNET met the small-cap rule.
Halts
| Halted | Resumed | Length | Reason in the feed |
|---|---|---|---|
| 9:36 a.m. | 9:46 a.m. | 10 min 0 s | LULD pause (limit up-limit down) |
| 9:47 a.m. | 9:52 a.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 CNET on September 25, 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.