ON · PEAD ↓ 54

onsemi reported Q1 2026 EPS of $0.64 on 2026-05-04, beating the $0.6119 consensus by $0.0281 (+4.6%).

Print-day reaction was -0.96% versus the prior close — a muted, slightly negative response despite the EPS beat, as the stock slipped from $103.03 to $102.04. The overnight gap to the T+1 open widened the damage, with ON gapping down an additional -4.30%, signalling meaningful post-close selling pressure. Over the subsequent two trading days, the drift continued lower by -2.01%, offering no recovery from the overnight weakness. Cumulative abnormal return of -3.86% versus SPY.US confirms a PEAD short read; the holding window extends through 2026-07-30.