GOOGL · PEAD ↓ 27

Alphabet reported Q2 2026 EPS of $9.11 on 2026-07-22, beating the $2.88 consensus by $6.23 (+216.3%).

Print-day reaction was –1.5% versus the prior close, an unusual negative response to a headline beat of over 200%. The overnight gap from the T+0 close to the T+1 open extended the damage by a further –6.1%, indicating meaningful after-hours selling pressure rather than a fade of early exuberance. Over the following two trading sessions (T+1 through T+3) the stock drifted +2.8%, a partial recovery that nonetheless left the cumulative move deeply negative. Cumulative abnormal return of –4.7% versus SPY.US places this firmly in PEAD short territory; the drift sustains the initial decline rather than reversing it, and the read runs through 2026-10-19.