Click to view the earnings moves in AS
Amer Sports Stuns Wall Street: Stock Jumps 18.6% on Earnings Blowout
If you’re a trader who likes surprises, today’s action in Amer Sports (NYSE: AS) should have caught your attention. After announcing record Q1 results and hiking its full-year outlook, the stock vaulted +18.6% to $37.26. Notably, this jump wasn’t what most option traders saw coming—options were only pricing in a ±15.4% move. With that kind of upside gap, it’s fair to ask: How does today’s action compare to what Amer Sports usually delivers on earnings day?
Did Amer Sports Defy Its Own Earnings-Day Playbook?
History says Amer Sports is no stranger to earnings day volatility—but even by its own standards, today was extraordinary. Here’s how AS typically performs around earnings:
| Stock Performance | Earnings Move | Open Gap | Open to High | Open to Low | Open to Close |
|---|---|---|---|---|---|
| Average Return | +3.8% | +1.3% | +6.1% | -3.5% | +2.5% |
| % of Moves Up | 66.7% | 50.0% | 66.7% | ||
| % of Moves Down | 33.3% | 50.0% | 16.7% |
Key takeaways: Over the last 12 earnings, Amer Sports averaged a +3.8% earnings-day return, moving higher two-thirds of the time. On average, the biggest rally from the open hit +6.1%, with only a -3.5% drop to the day’s low. In other words, while big swings are common, today’s +18.6% surge is truly out of character. Check out the full historical stock performance around earnings here.
Post-Earnings: Do Big Gains Stick Around?
If you’re thinking of chasing the rally, Amer Sports’ track record after earnings is worth a look:
| Stock Performance | 1 Day After Earnings | 2 Days After Earnings | 3 Days After Earnings | 1 Week After Earnings | 2 Weeks After Earnings |
|---|---|---|---|---|---|
| Average Return | +0.8% | +1.5% | +3.9% | +5.7% | +2.0% |
| % of Moves Up | 80.0% | 60.0% | 80.0% | 80.0% | 40.0% |
| % of Moves Down | 20.0% | 40.0% | 20.0% | 20.0% | 60.0% |
Typically, AS keeps climbing in the days following a positive earnings move, with an 80% hit rate for post-earnings day gains. However, the two-week trend is more mixed, as just 40% of two-week periods finish in the green.
Options Traders Caught Off Guard by the Rally
The surge caught many by surprise, especially options traders. Ahead of earnings, the options market had only priced in a ±15.4% swing—smaller than what actually played out. Volume today spiked to 17,643 contracts, a sign that traders scrambled to reposition around the surprise move.
Today’s Most Actively Traded Option
| Option Contract | 20-Jun-25 35 C |
|---|---|
| Volume | 2,173 |
| VWAP price | 3.30 |
| Open interest | 3,374 |
| Yesterday's closing price | 1.18 |
This call option on the 35 strike, expiring next June, saw heavy trading as the stock blew through the strike and nearly tripled its premium. This kind of order flow often suggests both new bullish speculation and active profit-taking.
What’s Next for Amer Sports?
After an explosive quarter—revenues up 23%, margins up, guidance hiked, and major brands like Arc’teryx and Salomon surging—it’s not hard to see why investors cheered. But with tariffs and global economic uncertainty lingering, management’s bullish guidance comes with some risk caveats.
The historical numbers say AS is a name that often delivers upside on earnings, but today’s gap up stands out even in that context. If past trends are any guide, there may be room for more follow-through in the near term—but as always, the options market is likely to recalibrate after such a shock.
For a full breakdown of historical earnings moves, including how the stock usually trades before and after reports, visit this page.
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