Union’s 99.15% Volume Surge Hits $1.9B Ranks 111th Amid Muted Price Gains

On September 19, 2025, , ranking 111th in market activity. . Market participants observed unusual buying pressure following unspecified pre-market developments, though no direct catalysts were disclosed in accessible reporting channels.

Trading dynamics revealed structural shifts in institutional positioning. The significant volume expansion suggests may be adjusting exposure in anticipation of upcoming earnings reports or regulatory updates. Analysts noted the price action contrasted with broader sector trends, indicating potential divergence in market sentiment toward the company's operational metrics.

Portfolio construction parameters remain critical for back-testing accuracy. Key considerations include: exchange universes (US-listed vs. OTC), ranking methodologies (dollar volume vs. share turnover), and . Execution timing conventions and benchmark comparisons will also influence final performance assessments across the 2022-2025 period.

To produce a rigorous back-test we need to pin down a few practical details that aren't fully specified yet: 1. Universe • Should we consider all U.S.-listed common stocks (NYSE + NASDAQ + NYSE Arca) or a different exchange set? • Should we exclude OTC / penny stocks (e.g., close < $1) and ADRs? 2. Ranking & execution convention • Each trading day D we rank by that day’s dollar volume (Close × Volume) or by share turnover (pure share volume)? • Do we enter at that day’s close (D) and exit at the next day’s close (D + 1) with an equal-weight allocation across the 500 names? 3. Frictional costs • Should we assume zero transaction costs / slippage, or would you like to include an estimate (e.g., 2 bp per leg)? 4. Benchmark • Would you like the back-test results compared with a benchmark (e.g., SPY) or absolute performance only? Once we confirm these items I can generate the full data-retrieval plan and run the portfolio back-test for 2022-01-03 through today.