Hindsight Markets Recaps Small-cap stocks on August 19, 2026
TNON, August 19: the $13 wall, six halts, and $17.80
TNON more than doubled at the open after an EFFECT notice, ran to $17.80 through six halts, then gave back most of the run by the close.
What happened
Draft for review. Not published.
A filing and a gap
The only news was an EFFECT filing at 12:15 a.m. TNON had closed at $5.65. It opened at $11.69, up 107%.
The $13 wall
All morning, a sell wall at $13.00 held the stock below it. It peaked near 50K shares, about 8% of the float.
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, tape and chart run from 10:28 a.m. and stop at 10:31 a.m. ET for your call.
Buyers ate it. 31K shares traded at $13.00 in under a second, and the wall was gone. The next halt reopened higher, at $14.00.
The fourth halt
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, tape and chart run from 10:43 a.m. and stop at 10:46 a.m. ET for your call.
It hit $17.80, the high, at 10:47.
The fade
The next push stopped lower, at $17.34. A 39K-share bid at $15.00 was pulled at 11:36:22. It closed at $11.40.
What to take from it: Here the $13 wall broke, and the reopen cost more than the screen showed.
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 details
How it traded, step by step
Gap, run, gave some back. 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, still above the open.
| 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 | |
| 10:47 a.m. | High of the day to the close, $17.80 | |
| 3:59 p.m. | Last trade before the 4:00 p.m. close, $11.40, 36.0% below the high |
The shape's name comes from a fixed rule, not a judgement (how shapes are named). Halts are in the halt table below.
The day in numbers
- Previous close
- $5.65
- Open, 9:30 a.m.
- $11.69
- Gap at the open
- +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
- Close, 4 p.m.
- $11.40
- Change at 4 p.m.
- +101.8%
- After-hours high, 4 p.m. to 8 p.m.
- $11.51 at 4:00 p.m.
- Volume, 4 a.m. to 4 p.m.
- 25.01 million
- Volume after hours, 4 p.m. to 8 p.m.
- 715,871
- Relative volume by 8 p.m.
- 65.8×
- Float
- 606,596 shares, from filings as of August 19, 2026
- Shares outstanding
- 667,047
- 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.
- Other days TNON met the small-cap rule in our recaps: 6, the latest on September 30, 2026.
On the day's lists: the pre-market gappers, gainers, intraday runners. It is here because it met the small-cap rule on the pre-market gappers: price $2 to $20, up 10% or more, relative volume 5× or more, float under 20 million shares, its high reached $1 or more and it started the day at $20 or under (the rule every page uses).
Halts (6)
| Halted | Resumed | Length | The 5 minutes into it | Reopened at, against the last trade | The 5 minutes after | Reason in the feed | Watch it |
|---|---|---|---|---|---|---|---|
| 9:40 a.m. | 9:45 a.m. | 5 min 0 s | down 12.8% | $11.25, up 1.4% | up 1.3% | LULD pause (limit up-limit down) | |
| 10:07 a.m. | 10:12 a.m. | 5 min 0 s | up 11.2% | $11.36, down 3.0% | up 5.8% | LULD pause (limit up-limit down) | |
| 10:31 a.m. | 10:36 a.m. | 5 min 0 s | up 8.4% | $14.00, up 3.8% | up 11.1% | LULD pause (limit up-limit down) | |
| 10:40 a.m. | 10:45 a.m. | 5 min 0 s | up 15.3% | $15.56, unchanged | up 4.8% | LULD pause (limit up-limit down) | |
| 10:51 a.m. | 10:56 a.m. | 5 min 0 s | down 10.8% | $14.27, down 3.3% | up 4.3% | LULD pause (limit up-limit down) | |
| 12:02 p.m. | 12:07 p.m. | 5 min 0 s | down 13.4% | $12.04, down 2.0% | up 10.7% | LULD pause (limit up-limit down) |
Halt bands that day: the LULD plan's Amendment 18 rules (what that means, LULD calculator).
How we read the data, name a day's shape and pick the stocks: methodology.
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.