$SURG gets a post-close boost of +68.98% on its wireless subscriber restructuring news. It looks spectacular on a percentage chart.
But the base rate holds no sentiment. Out of 2,881 historical instances of catalyst-driven gaps greater than 30%, the asset closes red 65% of the time, with a median intraday return of -6.79%.
On the other side of the tape, Borr Drilling ($BORR) gaps up +28.07% on completing its senior notes redemption. In 25 historical gap-up days for $BORR specifically, the ticker closes red 52% of the time.
When the historical edge sits with the short-side, chasing the evening gap is just paying a volunteer tax to the market.