AMAT · PEAD ↓ 21

Applied Materials reported Q2 FY2026 results on 2026-05-13 (before market open); consensus EPS was $2.66 (actual not yet in our feed).

Print-day reaction was +1.25% versus the prior close, a modest but positive initial move on earnings day. The overnight gap to the T+1 open added another +1.54%, suggesting initial after-hours enthusiasm extended into the next morning. Over the subsequent two trading sessions, however, the stock surrendered those gains and more, drifting -6.13% from T+1 close to T+3 close. Cumulative abnormal return of -4.11% versus SPY.US puts this in PEAD short territory, with drift reversing the initial reaction; per the documented pattern, the read runs through 2026-08-10.