Maguire Scott Andrew sold $41K of ONON

On Holding AG (ONON) stock fell 3.0% in pre-market trading after brand ambassador Kylian Mbappé faced controversy in China, leading to terminated sponsorships. Asia-Pacific is a key growth region for On. Jefferies reiterated its Underperform rating, citing high marketing costs and ambitious revenue targets. The stock is down 37% from its 52-week high. The broader market was up slightly.

Nike's weak earnings and outlook caused pre-market drops in shares of Lululemon, On, Under Armour, and Deckers Outdoor. Nike's CEO cited market weakness and inventory issues, while earnings guidance fell below estimates. Nike's shares dropped nearly 10% in pre-market trading.

Kylian Mbappé ended his partnership with Nike (NKE) to join On (ONON) in a cash-and-equity deal, marking On's first major soccer star. Nike chose not to renew Mbappé's contract. On aims to leverage Mbappé's global profile to expand into soccer, while Nike retains other major soccer agreements. Both companies' shares showed minimal movement post-announcement.

On Holding (ONON) shares rose 13% after its Investor Day, where it outlined a strategy to maintain a 65% gross profit margin through 2029, exceeding Nike's 43%. The company also reiterated its 2026 sales growth guidance of over 20% and announced a $1B share buyback plan. ONON has named Kylian Mbappé as its global ambassador for soccer market entry.

On Holding AG (ONON) rose 7.58% to $29.39 after announcing a $1B buyback program and raising its 2029 sales target to CHF 5.6B ($7B), with a 65% gross profit margin. Q2 net income was CHF 105M, up from a loss last year, driven by strong direct-to-consumer and apparel sales. Hedge fund holdings increased to $2.3B.

On Holding AG (NYSE:ONON) announced a $1 billion share buyback and set long-term targets, including CHF 5.6 billion in net sales by 2029. The company expects high-teens annual growth and a 22% adjusted EBITDA margin. Shares rose 9%. On plans to expand into football and golf while maintaining growth and margins. Concerns include tariff exposure and competition from Nike and Adidas.