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On Holding AG (ONON): I'm Double Minded About The Stock, Says Jim Cramer
We recently published . On Holding AG (NYSE:ONON) is one of the stocks Jim Cramer recently discussed. On Holding AG (NYSE:ONON) is an athletic apparel retailer whose stock has lost 18% year-to-date on the back of investor concerns about the broader retail industry. The shares dipped by 8% last week after Tapestry warned that it expected tariffs to hit its profits. Cramer discussed the movement in On Holding AG (NYSE:ONON)'s shares and warned that he might have been too bullish about the firm previously. Here is what he said: 'A lot of the apparel stocks are down off of Tapestry. I've got to tell you, I mean Ralph Lauren is too. But the one that I've been watching is On Holding. I thought On Holding had a good quarter. I've been either disabused of that notion or perhaps I've been too bullish about these guys. If ONON is not doing as well, then you have to start thinking about Nike again. ' Mbuso Sydwell Nkosi/ Here are his previous comments about On Holding AG (NYSE:ONON): 'One of my favorite companies is On Holding. Now it has been stuck in a holding pattern. They reported very good numbers today, the stock was initially up seven, now it's down. There's a substantial short position, the shorts have been winning in this battle. I think Roger Federer in the end wins. But it is a very contested group.' While we acknowledge the potential of ONON as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the . READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey.
Yahoo
7 minutes ago
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Wall Street bosses want junior bankers to come clean about PE jobs. It won't be easy.
Big banks are cracking down on entry-level workers with covert private equity jobs. Citing conflicts of interest, they are asking junior bankers to disclose future-dated job. Experts warn that this approach could encourage secrecy and undermine retention. Big banks are cracking down on junior bankers with covert private equity jobs — but experts warn that their approach may drive secrecy further underground. To guard against private equity firms poaching junior talent, investment banks are requiring analysts to disclose in writing if they've accepted future-dated jobs. While each bank's policy is different, juniors who confess to having a PE job may be terminated, moved to another team or division, or taken off certain deals — consequences that could encourage ambitious young bankers to clam up and undermine banks' efforts to retain them. "These are smart people. Their cognitive calculus is always working," said Maurice "Mo" Cayer, an organizational psychologist and lecturer at the University of New Haven. Young bankers facing termination for accepting PE jobs might think, "If I get caught, I'll lose my job. Well, I'll lose my job anyway," Cayer added. The banks declined to comment. Redeployment could also backfire if the moves are viewed as demotions. "As long as they're still doing the job they were hired for and they're not relocating them to a different geography or a different vertical, that's okay," said Kate Morgan, founder and CEO of Boston Human Capital Partners, a talent acquisition and HR consulting firm. Anything short of that could result in bankers playing it safe, she said. Even bankers who stay on the M&A track may have reason to worry, said Anthony Keizner, cofounder of Wall Street recruiting firm Odyssey Search Partners. "The bigger thing that the bankers are worried about is if you tell them you're leaving, then you're less likely to be considered for the most high-profile deals, and it could affect the way you're rated, and it could affect your bonus," he said. Meanwhile, the attestations don't seem to be deterring young bankers from their buyside ambitions, according to Keizner, whose recruiting firm has surveyed about 1,100 first-year bankers in the past few weeks. In describing the early findings, he said many of them are concerned about the situation and "unsure how to proceed" — but only "a tiny proportion" said they're planning to not participate in PE recruiting because of policy changes at their banks. Questioning conflicts Banks have said the attestations are necessary to protect against conflicts of interest that can arise as a result of private equity recruiting tactics, which seek to hire junior bankers for jobs that won't start for two years, after they have been trained by the banks. That means a junior banker could be assigned to work on a deal involving a future employer. The people who spoke to Business Insider, however, questioned the ambiguity of this argument. "What does it mean to avoid conflicts?" Keizner said, adding, "Say you accept a role at PE firm X. Does it mean you can't work on something related to PE firm Y? Or can you not work on a deal for a company where PE firm X has a portfolio company that's competitive to it?" "Just because you've accepted a role at the PE firm in 18 months' time, it's not like you're privy to their deal pipeline or you've got the team on speed dial," he added. Morgan also warned that prioritizing hard-to-control compliance issues could hurt retention. "They're going to always feel like the banks are now gatekeeping their ambition," she said of junior bankers. "They are sort of saying, 'we don't trust you,'" she added of the banks. A New York-based private equity employee who was previously an investment banker agreed that banks are sending the message that "analysts owe the firm their underlying loyalty." "To me personally, it wouldn't mean anything," she said, adding, "People will continue to recruit regardless." For now, banks don't have much to worry about because private equity recruiting has largely stalled. "I don't think any of the participants nor firms know exactly where this is all headed," Keizner said, adding. "Everyone is watching and waiting to see how the pieces will come together." When and if it resumes, the attestations could prevent some young bankers from participating, said Cayer. "There are a lot of good Boy Scouts," he said, adding, "They've studied hard. They're conscientious people." "If the bankers won't show up because they're too scared or being seriously restricted from doing so — well that would be a big problem. That really would put a stick in the spokes of the system. But my sense is that we are not at that stage," Keizner said. "I think the bankers will still want to interview. The PE firms still want to hire," he added. "Yes, it's going a little later, but certainly based on what we've seen so far, it's going to continue happening." Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
7 minutes ago
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Stablecoins Should Not Be Exempt From New York Crypto Tax, Lawmaker Says
New York State Assemblymember Phil Steck's proposed tax on crypto transactions will not be modified to accommodate stablecoins' use in everyday payments, the lawmaker told Decrypt. 'I don't think that there should be some exemption from a tax on crypto if you buy it for the purpose of using it as a currency,' he said on Tuesday. 'I can't see, frankly, crypto being used to take the place of the dollar bill in everyday transactions.' Last week, Steck estimated that a 0.2% tax on crypto transactions in the Empire State would generate $158 million annually, which could go toward helping schools combat substance abuse in upstate New York by funding the expansion of an existing support program. 'We thought this might be a way to raise the money needed to make this a statewide program,' he said, noting that the state's Office of Alcoholism and Substance Abuse Services currently serves communities in New York City and has faced budget constraints. Crypto advocates should support what appears to be a painless way of raising money to help those in need because it would 'show their commitment to doing something positive for the public,' the 66-year-old lawmaker said. Not all cryptocurrencies are the same, but digital assets are mostly speculative and resemble a form of entertainment, Steck said. And when Steck wants to watch professional baseball, he has no problem with paying a 4% sales tax on Mets tickets. Steck's bill would go into effect immediately if passed, and it comes as stablecoin legislation is expected to unlock more competition in the $280 billion sector, from the likes of Bank of America to Citigroup, following the passage of the GENIUS Act last month. But at least one observer has raised concerns that the bill would penalize consumers for transfers between their own accounts that incur no profits. These movements are similar to those an individual would execute between a savings and checking account. Stablecoins are often pegged to the U.S. dollar and backed by a mix of cash and U.S. Treasuries. Some regulators have compared them to poker chips in the past because crypto traders primarily use them primarily as a way to swap out of relatively volatile assets. Visa Adds More Stablecoin Features, Unveiling Avalanche, Stellar Support Steck's bill could make a positive impact upstate, but it's unclear how a 0.2% excise tax would play out in the epicenter of the financial world. Steck said his legislation would not include exemptions for high-frequency traders, who can execute thousands of transactions in a second while using complex computer algorithms to capitalize on the smallest changes in markets. 'I would see taxing high-frequency trading as very advantageous because [many economists] do not consider that to be productive economic activity,' he said. 'It's not for investment purposes. It's essentially a form of gambling.' Steck has meanwhile called for the reinstatement of a state tax on stock transfers. New York collected a 5-cent fee on sales over $20 from 1905 to 1981. It's possible that Steck's $158 million revenue estimate is low. His team tried to get information on the volume of crypto transactions in New York from the state's Department of Financial Services, but a bill memo shared with Decrypt notes those efforts were unsuccessful. Under the bill's plain text, crypto users would be taxed for moving funds between accounts they own, a non-event from the perspective of federal tax, Nick Slettengren, co-founder and CEO of Count on Sheep, a tax preparation service, told Decrypt. 'Unless regulations carve it out, [the bill] would penalize basic security hygiene and bookkeeping,' he said. 'That's a recipe for confusion, over-collection, and disputes.' Steck isn't the only one turning to crypto to help fund schools. Wyoming debuted its Frontier Stable Token (FRNT) on Tuesday, becoming the first state to issue stablecoin, and revenue generated by the token's reserves will go toward the state's school foundation fund. Asked for his thoughts on FRNT, Steck said 'they're going to have to pay a lot of money to create that currency digitally, which is very expensive from the point of view of using energy.' The lawmaker did not appear to know the difference between proof-of-work or proof-of-stake, or that Bitcoin's energy consumption is massive compared to other networks, including the seven blockchains that Wyoming's stablecoin debuted on earlier this week. So far, Steck said he hasn't had the opportunity to gauge assemblymembers' thoughts on the crypto tax. Not only was the bill just introduced, but he said that the New York legislature will not be in session until January.
