ONON · PEAD ↓ 100

On Holding reported Q3 2026 EPS of $0.59 on 2026-11-10, beating the $0.42 consensus by $0.17 (+40.5%).

Print-day reaction was −7.5% versus the prior close, a sharp sell-the-news move despite a substantial EPS beat. The overnight gap to the T+1 open recovered a marginal +0.4%, offering no meaningful signal of a reversal. Over the following two trading days (T+1 close through T+3 close), the stock drifted a further −3.1%, extending losses rather than mean-reverting back toward pre-earnings levels. Cumulative abnormal return of −10.6% versus SPY.US lands this firmly in PEAD short territory; the drift continuation read holds through 2027-02-05.