Shoe Station Group ($SHOE) takes a 21.04% pre-market haircut after chopping its full-year earnings guidance nearly in half. When reality hits the balance sheet, the order book offers no quarter.
On the other side of the tape, Tenon Medical ($TNON) surges 70.08% before the bell after announcing an early repayment of convertible notes on a tiny 610,000-share float. Chasers see free money, but historical probability tells a different story. Across 3,283 catalyst-driven gap-ups of 30% or more, stocks close in the red 66% of the time with a median intraday fade of -7.23%.
66% close red. That's the baseline before you press market buy.