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On Holding AG (NYSE:ONON) is among the stocks Jim Cramer reviewed while discussing the Iran ceasefire that triggered a relief rally. When a caller asked about the stock during the lightning round, Cramer said:

You know what? First of all, thank you for calling in, but it lost its CEO. I don’t understand how that happened. It was all very strange. I’m going to have to say, take a pass. I’m sorry, but I love you guys calling in, but I need to take a pass on On.

Photo by Joshua Mayo on Unsplash

On Holding AG (NYSE:ONON) designs and distributes athletic footwear, clothing, and accessories for performance sports and everyday activities. Cramer was bullish on the stock when a caller asked about it during the episode aired on July 30, 2025. The Mad Money host commented:

You know, let me tell you something, the reason why I like the stock is that they have adjusted every time that there’s been a problem. Roger Federer and his team have adjusted, and I think that if there’s really something that’s lasting and negative, they will fix it, which is one of the reasons why I do like On. I am concerned that Nike may be making a comeback and take business from On, but I think On is a decent buy here.

It is worth noting that the company’s stock has declined by over 33% since the comment above was made.

While we acknowledge the potential of ONON as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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