Cheetah Net ($CTNT) announced an agreement to buy JoyPak Supply, and the market promptly slashed 23% off the bid.
Catching the falling knife here ignores the record: in 21 prior gap-down sessions for $CTNT, the stock closed red 62% of the time with an average intraday drag of -10.92%.
Across 2,435 broader catalyst-driven gap-downs, 56% finish red with a -1.73% median return. When the tape rejects an M&A headline at the open, it rarely changes its mind by lunch.