Just caught Mercury Systems earnings and honestly didn't see that after-hours dump coming. MRCY reported Q2 results that actually beat expectations on adjusted earnings, so you'd think the stock would hold up better. They posted $0.16 adjusted EPS versus the $0.06 analysts were looking for, which is solid. Revenue also ticked up to $232.87M from $223.13M year-over-year, and Mercury's net loss actually narrowed, so fundamentals looked decent.

But then the after-hours action happened. Stock closed regular trading up 5.74% at $99.28, which seemed like a solid day. Then Mercury just tanked in after-hours, dropping to $84.80, losing all those gains and more. That's a brutal 14.59% swing. Book-to-bill came in at 1.23, which is decent visibility too.

Not sure what spooked people after hours - maybe guidance concerns or something specific in the call. But Mercury's earnings were actually better than expected, so the late sell-off feels like a classic "sell the news" move even when the news was good. Interesting setup to watch.