MSFT · PEAD ↓ 25

Print-day reaction was -1.1% versus the prior close, a muted decline on the earnings date itself despite the beat. The overnight gap to the T+1 open extended the move lower by an additional -3.2%, signalling meaningful after-hours selling pressure rather than a fade of the initial dip. Over the subsequent two trading days the stock recovered partially, drifting +1.4% from the T+1 close to the T+3 close, but not enough to recoup the overnight gap. Cumulative abnormal return of -4.5% versus SPY.US places this squarely in PEAD short territory; per the documented drift pattern, the read holds through 2026-07-27.