SAP · PEAD ↑ 80

SAP reported Q2 2026 EPS of €1.85 on 2026-07-23, missing the €2.00 consensus by €0.15 (-7.5%).

Print-day reaction was -1.6% versus the prior close, as the market sold the EPS miss immediately. The overnight gap into T+1 open recovered +5.0%, signalling a sharp reversal of the initial after-hours tone. Over the following two trading sessions the price drifted a further +12.0%, entirely decoupling from the headline miss. Cumulative abnormal return of +21.3% versus SPY.US — which itself fell -0.9% over the same window — firmly establishes a long PEAD signal; per the documented drift pattern, the holding window runs through 2026-10-20.