On Holding AG (NYSE:ONON) stock is surging today, last seen up 24.6% to trade at $43.85, after the innovative footwear company posted better-than-expected third-quarter earnings and revenue and lifted its annual sales forecast for the third time in a row.
Coming up, co-founder and Executive co-Chairman Caspar Coppetti said On will be "full price through the holiday season" despite being up against a "very competitive and very discount-driven environment." In other words, there will be no Black Friday sale.
Sprinting away from its Nov. 7 one-year low of $34.38, ONON is hitting its highest levels since late September. The shares are also gapping above pressure at the 40-day moving average, which kept a tight lid on gains in October.
The stock was already due for a short-term bounce, per its 14-day Relative Strength Index (RSI) of 18, which sits firmly in "oversold" territory. Year to date, the equity is down 21.9%.
Options traders are chiming in on the news. So far today, ONON has seen 62,000 calls and 23,000 puts exchanged -- 9 times the average daily options volume already. The weekly 11/14 45-strike call is the most popular, followed by the 40-strike put in the same series, with new positions opening at both.
