ON · PEAD ↓ 84

onsemi reported Q2 2026 EPS of $0.74 on 2026-08-03, beating the $0.72 consensus by $0.02 (+2.8%).

Print-day reaction was -1.5% from the prior close, a modest negative move despite the consensus beat. The overnight gap to the T+1 open surged +5.0%, suggesting initial after-hours optimism erased the print-day dip. Over the subsequent two trading days (T+1 close through T+3 close), the stock drifted -3.0%, reversing the overnight gap and extending losses. Cumulative abnormal return of -6.9% versus SPY.US firmly places this in PEAD short territory; per the documented drift pattern, the read holds through 2026-10-29.