Barry, OppHub America Desk · · Source: yahoo-tickers-tape-movers
Nike vs. On Holding: Cramer's Take Amid Sector Slump
* Both Nike and On Holding have experienced substantial year-to-date declines, presenting potential opportunities for investors monitoring turnaround plays or high-growth segments seeking value. * Investors observing significant institutional positioning may note Citadel's increased stake in and 's boosted position in .
Based on reporting from yahoo-tickers-tape-movers.
Nike (NKE) and On Holding (ONON) shares have both declined over 35% year-to-date, prompting a review from Jim Cramer. Nike reported a 4% wholesale revenue increase in Q4, alongside improved gross margins, though inflation impacts emerging market growth. On Holding raised its full-year gross margin guidance to 65% despite decelerating growth in its Americas segment.
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Nike, Inc. (NYSE:NKE) and On Holding (NYSE:ONON) are facing significant year-to-date stock declines, both down by more than 35%. Jim Cramer has re-evaluated his stance on these footwear companies, noting Nike's turnaround efforts and On Holding's management changes.
For Nike, Q4 results showed a 4% increase in wholesale revenue to $6.6 billion and an 890 basis point improvement in gross margins, suggesting cost control measures are in effect. However, the company is contending with inflation's impact on its emerging market growth, which decelerated to 13% in Q2 from 17% in Q1. Inventory also rose by 31% for Nike.
On Holding reported a 65.4% gross profit margin in its recent quarterly results and raised its full-year gross margin guidance to 65%. Despite this, its training and apparel businesses saw growth of 40% and 47.7% respectively, but the firm's overall growth in the Americas decelerated. Citadel Investment Group increased its stake in On Holding by 85% to $251 million, while BAMCO Inc. boosted its stake in Nike by 75% to $599 million.
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* Both Nike and On Holding have experienced substantial year-to-date dec
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Story playbook
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Snapshot date: August 23, 2026 at 3:27 AM ET
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Footwear Turnaround
Two major sneaker brands have seen their stock prices drop a lot this year, making them cheaper to buy. Big investment firms are starting to buy more shares, hoping these companies will bounce back.
What changed
Major footwear stocks NKE and ONON have fallen over 35% year-to-date while institutions take fresh stakes despite slowing regional growth.
Who wins / who loses
Turnaround-focused institutional investors and high-margin brands benefit from bargain pricing, while emerging market consumers and slowing regional segments face headwinds.
Time horizon
Think in terms of the next few months.
Confidence & best fit
medium confidence · Long-term investor, Active trader
Safer theme exposure (ETFs)
Baskets that own the theme without betting on one company.
Single stocks (higher risk)
Primary = closest to the story · Peers = same industry · Second-order = knock-on effects · Avoid = looks related but may be a trap
Primary
- $NKEWatch — track, don’t rush
Nike is cutting costs and selling more through stores, but inflation is slowing down its overseas growth.
View $NKE chart → · End-of-day delayed data
- $ONONWatch — track, don’t rush
On Holding is keeping its profit margins high, even though sales growth in the Americas is slowing down.
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Peer
- $COSTWatch — track, don’t rush
Costco is a strong retailer that helps us see if shoppers are still spending money overall.
View $COST chart → · End-of-day delayed data
Options (education only)
No strikes or expiries — a framework for how traders might express the view. Options can expire worthless.
Beginners should skip options here and just watch the stocks until they show clear signs of recovery.
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Not a trade tip — ways to use the insight outside the market.
- Look for retail discount events where excess footwear inventory might be cleared out.
What would break this thesis
- Further deceleration in regional sales growth or deteriorating profit margins.
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Important
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Based on reporting from yahoo-tickers-tape-movers.
Informational and educational only — not investment, financial, or legal advice. Disclosure
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