0705 ET - On Holding missed top-line expectations, hurt by a much wider-than-expected foreign exchange impact and soft wholesale trends, William Blair analysts say in a research note. Gross margin was a bright spot, they add, but the sales miss flowed through to the bottom line as expenses grew. "Management in effect talked down sales guidance (now low 20% constant currency from 23%), raised gross margin expectations by 50 basis points, but kept the overall adjusted EBITDA margin outlook," the analysts say, adding that On's quarterly results are hard to call ahead of time given the limited visibility into the company. "On continues to prove that it is a hard stock to own around earnings," they say. On Holding tumbles 16% premarket.