META · PEAD ↓ 100

Print-day reaction was essentially flat at -0.03% versus the prior close of $671.34, with the market appearing to absorb the beat without enthusiasm on the event date itself. The overnight gap into T+1 open told a different story entirely, with shares gapping down -7.4% to $619.32 — a sharp post-close reversal that erased any residual beat premium. Over the following two trading sessions the drift continued negative, adding another -0.25% by T+3 close, offering no recovery. Cumulative abnormal return of -9.96% versus SPY.US firmly places this in PEAD short territory; the documented drift pattern holds through the window ending 2026-07-27.