SYK · PEAD ↓ 80

Stryker reported Q2 2026 EPS of $3.69 on 2026-07-30, beating the $3.46 consensus by $0.23 (+6.6%) — a solid beat that the market nonetheless penalized over the subsequent three sessions.

Print-day reaction was –1.2% versus the prior close, a modest initial selloff that suggested the market found reason for skepticism despite the EPS beat. The overnight gap into T+1 open was a sharp –5.2%, amplifying the negative read with no after-hours stabilization. Over the following two sessions (T+1 close through T+3 close), price drifted +3.2%, a partial recovery that was insufficient to offset the opening gap damage. Cumulative abnormal return of –10.4% versus SPY over the three-day window places this firmly in PEAD short territory; the documented drift pattern is held through 2026-10-27.