FTNT · PEAD ↓ 100

Fortinet reported Q3 2026 EPS of $0.86 on 2026-10-28, beating the $0.77 consensus by $0.09 (+11.7%); no prior-year EPS comparison is available in our feed.

Print-day reaction was −5.9% versus the prior close, a sharp sell-the-news move despite the EPS beat, closing at $174.08 against the prior-session close of $185.00. The overnight gap to the T+1 open was a further −26.5%, a dramatic after-hours collapse that erased any residual support from the headline beat. Over the following two trading sessions the drift extended another −9.3%, with the stock settling at $126.21 by T+3 — no stabilisation, only continued pressure. Cumulative abnormal return of −29.5% versus SPY.US places this firmly in PEAD short territory; the drift confirms and amplifies the initial reaction, with the holding window running through 2027-01-25.