FCX · PEAD ↓ 58

Freeport-McMoRan reported Q2 2026 EPS of $0.74 on 2026-07-23, beating the $0.62 consensus by $0.12 (+19.4%).

Print-day reaction was −2.3% versus the prior close, a notable sell-the-news response despite the double-digit EPS beat. The overnight gap to the T+1 open extended the damage by another −1.5%, suggesting no relief from after-hours activity. Over the following two trading sessions the drift continued lower by −1.5%, offering no reversal of the initial decline. Cumulative abnormal return of −4.3% versus SPY.US places this firmly in PEAD short territory; per the documented pattern, the read is held through 2026-10-20.