Hindsight Markets Recaps Small-cap stocks on September 25, 2026
AIFF, September 25: a 7:45 headline, three ask walls, and $2.13
AIFF opened up 44% after news, ran to $2.13, and held most of the move into the close.
News via Stock News API
What happened
Draft for review. Not published.
News, then a fade
A 7:45 a.m. partnership headline lifted AIFF from $1.19 to a $2.05 pre-market high. It opened at $1.71 and slid to $1.48.
The $1.65 wall
Sellers stacked 122K shares at $1.65 by 10:38.
Stop It's 10:41. AIFF is at $1.64. Just above, an ask wall at $1.65 has been on the screen since 10:36 and reached 121,744 shares at 10:38. Would you buy here?
Press play: the real Level 2, tape and chart run from 10:38 a.m. and stop at 10:41 a.m. ET for your call.
Buyers ate it in 14.1 seconds. It faded to $1.57 within minutes.
Two more walls
Next, 109K shares sat at $1.75.
Stop It's 2:46 p.m. AIFF is at $1.67. Above it, an ask wall at $1.75 was first seen at 9:39 and reached 108,720 shares. Would you buy here?
Press play: the real Level 2, tape and chart run from 2:43 p.m. and stop at 2:46 p.m. ET for your call.
A 216K-share buy sweep ate it at 2:48, then the stock slipped back.
The last wall, 128K shares, sat at $2.00.
Stop It's 3:50 p.m. AIFF is at $1.97. An ask wall at $2.00 reached 128,293 shares earlier in the day, and during the regular session the stock hasn't traded above $2.00. Would you buy here?
Press play: the real Level 2, tape and chart run from 3:47 p.m. and stop at 3:50 p.m. ET for your call.
It went at 3:50:17 in a tenth of a second. It hit $2.13 that minute.
It closed at $2.02, up 70%.
What to take from it: An eaten wall is a fact, not a forecast.
Replay AIFF's day
It starts at 8:30 a.m. ET with the real Level 2, time and sales and chart, from the same feed the replay plays, stops at 8:33 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 and go. It gapped up 43.7% to $1.71 at the open, ran from the open to the high of $2.13 in 380 minutes, and held most of the move into the close: it gave back 26% of it by 4:00 p.m.
| Time (ET) | What happened | Watch it |
|---|---|---|
| 7:45 a.m. | News (GlobeNewsWire): Firefly (NASDAQ: AIFF) and NeuroSigma Partner to Expand Access to First FDA-Cleared, Non-Drug Treatment for Pediatric ADHD | |
| 7:47 a.m. | First trade 20% above the previous close of $1.19 | |
| 8:43 a.m. | Volume since 4:00 a.m. passes the whole float, 14.63 million shares | |
| 8:50 a.m. | Pre-market high, $2.05 | |
| 9:30 a.m. | The open: $1.71, up 43.7% from the previous close | |
| 3:50 p.m. | High of the day to the close, $2.13 | |
| 3:59 p.m. | Last trade before the 4:00 p.m. close, $2.02, 5.2% 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
- $1.19
- Open, 9:30 a.m.
- $1.71
- Gap at the open
- +43.7%
- Pre-market high
- $2.05 at 8:50 a.m.
- High, 4 a.m. to 4 p.m.
- $2.13 at 3:50 p.m.
- Low, 4 a.m. to 4 p.m.
- $1.19
- Close, 4 p.m.
- $2.02
- Change at 4 p.m.
- +69.7%
- After-hours high, 4 p.m. to 8 p.m.
- $2.17 at 4:03 p.m.
- Volume, 4 a.m. to 4 p.m.
- 52.98 million
- Volume after hours, 4 p.m. to 8 p.m.
- 3.32 million
- Relative volume by 8 p.m.
- 216.4×
- Float
- 14.63 million shares, from filings as of September 25, 2026
- Shares outstanding
- 15.69 million
- From news to the move: the first trade 20% above the previous close came 2 minutes after the latest news item before it (GlobeNewsWire, 7:45 a.m.).
- Volume, from the one-minute bars: 32.04 million shares before the 9:30 a.m. open (57%), 5.28 million in the first 30 minutes (9%), and 18.99 million in the rest of the day to 8 p.m. (34%).
- Float rotation, the volume since 4 a.m. against the float of 14.63 million shares: past it once at 8:43 a.m., twice at 9:09 a.m., three times at 1:30 p.m.
- Other days AIFF met the small-cap rule in our recaps: 1, the latest on September 17, 2026.
On the day's lists: the gainers, intraday runners. It is here because it met the small-cap rule on the gainers: 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 (none)
The exchange's halt feed shows no halts for AIFF that day.
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 AIFF 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.