TOST · PEAD ↓ 80

Toast reported Q1 2026 EPS of $0.20 on 2026-05-07, beating the $0.16 consensus by $0.04 (+25.0%).

Print-day reaction was +3.8% versus the prior close — a clean beat-driven pop that looked constructive on the surface. The overnight gap told a sharply different story: the stock opened the following session down -14.2%, wiping out the initial move and then some. Drift over Days 1–3 extended the damage by a further -7.1%, with no stabilization across the three-day window. Cumulative abnormal return of -18.4% versus SPY.US puts this firmly in PEAD short territory; per the documented pattern, the read holds through 2026-08-04.