Hindsight Markets Recaps Small-cap stocks on August 25, 2026
JEM, August 25: the 11:20 headline, three halts, and $8.68
JEM opened up 35%, ran to $8.68 through three halts, then gave back most of the run by the close.
What happened
Draft for review. Not published.
A slow morning
JEM opened at $5.17, 35% above the $3.82 prior close. A 100K-share bid at $3.82 was pulled at 9:17:03 without trading.
Stop It's 11:19. JEM is at $5.05, below the $5.17 open, and volume is thin. The ask walls at $6.00 and $6.50 have been on the book since this morning. Would you buy here?
Press play: the real Level 2, tape and chart run from 11:16 a.m. and stop at 11:19 a.m. ET for your call.
Headline and halts
At 11:20 a deal headline hit, and JEM was halted at 11:20:31. The $6.00 wall broke on the first reopen. After a second halt, it reopened at 11:36:02 at $7.33, 15% higher.
A bid wall at $7.00
Stop It's 11:56. JEM is at $8.00 after touching $8.39 two minutes ago. A bid wall has just appeared at $7.00, below the price. Would you chase it here?
Press play: the real Level 2, tape and chart run from 11:53 a.m. and stop at 11:56 a.m. ET for your call.
It hit $8.68 that minute, then fell to $7.60 within two.
Stop It's 12:08. JEM is at $7.41, down from $8.68 twelve minutes ago. The bid wall at $7.00 has been on the book since 11:55. Would you buy the dip?
Press play: the real Level 2, tape and chart run from 12:05 p.m. and stop at 12:08 p.m. ET for your call.
A sell order swept through $7.00, and the wall was gone at 12:08:45. A third halt came at 12:09:08. It closed at $6.80.
What to take from it: Walls and screen prices can vanish the moment price reaches them.
Replay JEM's day
It starts at 11:16 a.m. ET with the real Level 2, time and sales and chart, from the same feed the replay plays, stops at 11:19 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 35.3% to $5.17 at the open, ran from the open to the high of $8.68 in 146 minutes through two halts, then gave back 54% of that move by 4:00 p.m., trading at $6.80, still above the open.
| Time (ET) | What happened | Watch it |
|---|---|---|
| 4:00 a.m. | First trade 20% above the previous close of $3.82 | |
| 4:00 a.m. | Pre-market high, $7.05 | |
| 5:07 a.m. | Volume since 4:00 a.m. passes the whole float, 639,490 shares | |
| 9:30 a.m. | The open: $5.17, up 35.3% from the previous close | |
| 11:56 a.m. | High of the day to the close, $8.68 | |
| 3:59 p.m. | Last trade before the 4:00 p.m. close, $6.80, 21.7% 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
- $3.82
- Open, 9:30 a.m.
- $5.17
- Gap at the open
- +35.3%
- Pre-market high
- $7.05 at 4:00 a.m.
- High, 4 a.m. to 4 p.m.
- $8.68 at 11:56 a.m.
- Low, 4 a.m. to 4 p.m.
- $4.56
- Close, 4 p.m.
- $6.80
- Change at 4 p.m.
- +78.0%
- After-hours high, 4 p.m. to 8 p.m.
- $7.25 at 5:34 p.m.
- Volume, 4 a.m. to 4 p.m.
- 8.03 million
- Volume after hours, 4 p.m. to 8 p.m.
- 388,021
- Relative volume by 8 p.m.
- 53.6×
- Float
- 639,490 shares, from filings as of August 25, 2026
- Shares outstanding
- 672,015
- Volume, from the one-minute bars: 1.37 million shares before the 9:30 a.m. open (16%), 199,921 in the first 30 minutes (2%), and 6.86 million in the rest of the day to 8 p.m. (81%).
- Float rotation, the volume since 4 a.m. against the float of 639,490 shares: past it once at 5:07 a.m., twice at 8:57 a.m., three times at 11:25 a.m.
- Other days JEM met the small-cap rule in our recaps: 1, the latest on August 24, 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 (3)
| Halted | Resumed | Length | The 5 minutes into it | Reopened at, against the last trade | The 5 minutes after | Reason in the feed | Watch it |
|---|---|---|---|---|---|---|---|
| 11:20 a.m. | 11:25 a.m. | 5 min 0 s | up 11.2% | $5.81, up 3.0% | LULD pause (limit up-limit down) | ||
| 11:25 a.m. | 11:36 a.m. | 10 min 8 s | up 13.3% | $7.33, up 14.7% | up 2.6% | LULD pause (limit up-limit down) | |
| 12:09 p.m. | 12:14 p.m. | 5 min 0 s | down 12.2% | $6.75, down 0.1% | down 4.6% | 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 JEM on August 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.