NOK · PEAD ↓ 14

Nokia reported Q3 2026 EPS of $0.10 on 2026-10-22, beating the $0.08 consensus by $0.02 (+25.0%).

Print-day reaction was −14.8% versus the prior close, a sharp gap-down open that closed well below the pre-earnings level despite the earnings beat. The overnight gap to T+1 open recovered a modest +2.5%, suggesting some stabilisation but no decisive reversal of the print-day selling. Over the following two sessions (T+1 close to T+3 close), the stock drifted +9.2%, partially clawing back the initial drop without reclaiming pre-announcement prices. Cumulative abnormal return of −3.4% versus SPY.US places this in PEAD short territory; the drift failed to overcome the initial reaction, and the read holds through 2027-01-19.