ONON · PEAD ↑ 75

On Holding reported Q1 2026 EPS of $0.37 on 2026-05-12, beating the $0.2681 consensus by $0.1019 (+38.0%).

Print-day reaction was -0.6% versus the prior close, a muted dip despite the substantial EPS beat, as the stock absorbed the open-gap lower before recovering into the close. The overnight gap to T+1 open added a further -0.1%, a negligible fade that left the setup largely intact. Over the following two trading sessions the stock drifted +5.3%, a clean continuation that more than reversed the initial softness and carried ONON to fresh ground. Cumulative abnormal return of +9.5% versus SPY.US confirms a PEAD long signal; the drift materially outpaced the benchmark's near-flat three-day return, with the holding window running through 2026-08-07.