0731 ET - On Holding's 2Q results show a moderating global wholesale channel, accelerating SG&A costs and waning core-customer retention, Jefferies analysts say in a research note. Gross margins improved, they add, but the improvement doesn't appear sustainable as business slows and balance sheet inventory looks heavy. The analysts expect On's U.S. business to significantly decelerate next year, while expenses continue to rise and margins come under pressure. All together, those trends mean negative revisions are ahead, the analysts say. They expect the stock to remain under pressure, as On Holding sinks nearly 17% premarket.