First Surges 1.15 as Strategic Shifts and Fintech Partnership Boost $280M Volume Ranking 396th in U.S. Equities

On October 9, 2025, , , ranking it 396th among U.S. equities. The stock's performance was influenced by regulatory updates regarding its loan portfolio adjustments and a recent partnership announcement with a regional fintech firm. These developments were highlighted in market-moving reports, though specific volume figures were not disclosed in the original content.

Regulatory filings indicated First has initiated a phased restructuring of its commercial loan book, prioritizing sectors with stronger collateral coverage. This strategic shift follows recent stress test results that identified concentration risks in certain real estate-backed loans. Meanwhile, the fintech collaboration aims to digitize customer onboarding processes, . Analysts noted these operational changes could enhance capital efficiency but emphasized execution risks remain unquantified.

To run this back-test properly, I need to clarify a few practical details and assumptions: 1) Market & universe - Do you want all U.S. listed stocks (NYSE + NASDAQ + AMEX) or a different universe? ADRs / ETFs included or excluded? 2) Ranking criterion - Daily dollar volume (price × shares traded) or raw share volume? Rank at the prior day’s close, then form the portfolio for the next trading day—correct? 3) Portfolio construction - Equal-weight all 500 names each day, or weight by volume? Rebalance daily (sell yesterday’s basket, buy today’s)? 4) Execution assumptions - Entry price: next day’s open or close? Exit price (after one-day hold): same-day close or following open? Commissions / slippage to include? 5) Benchmark (if any) for excess-return comparison. Once I have this info I can generate the daily buy-/sell signals and run the back-test from 2022-01-03 to today.