TSEM · PEAD ↓ 100

Tower Semiconductor reported Q3 2026 EPS of $1.05 on 2026-11-02, beating the $0.98 consensus by $0.07 (+7.1%).

Print-day reaction was −6.7% versus the prior close, a sharp negative response despite the EPS beat — the market read something in the broader print it did not like. The overnight gap to the T+1 open offered a momentary reprieve of +1.1%, suggesting tentative stabilisation after hours. Day 1-to-3 drift then accelerated the decline, adding another −19.7% through the T+3 close — a severe continuation that overwhelmed the overnight bounce entirely. Cumulative abnormal return of −18.3% versus SPY.US places this firmly in PEAD short territory; the documented drift pattern holds through 2027-01-28.