SHOP · PEAD → 39

Shopify reported Q3 2026 EPS of $0.42 on 2026-11-03, beating the $0.33 consensus by $0.09 (+27.3%).

Print-day reaction was −8.7% versus the prior close, a sharp gap-down open that only partially recovered through the session. The overnight gap into T+1 added a slim +0.6%, suggesting the initial sell-off did not intensify after hours. Over the following two trading days (T+1 close to T+3 close) the stock drifted a further −2.7%, extending rather than reversing the print-day weakness. Cumulative abnormal return of −2.4% versus SPY.US lands just inside the neutral band, yielding a PEAD verdict of none with conviction 39; the holding window runs through 2027-01-29.