Adidas Soars 5% on Upbeat Forecast, Boosts Puma Shares in Tandem

On Wednesday, shares of Adidas (OTC: ADDYY) surged by up to 5%, reaching their highest point in over two years. The German athletic wear giant revised its annual forecast upward for the second time this year, riding on the wave of robust second-quarter results reported just a day prior.

Analysts from Telsey Advisory Group cited the ongoing popularity of terrace Originals lines like Samba and Gazelle among U.S. consumers as key drivers behind the strength witnessed in Q2. As a result, shares climbed to 239 euros at 07:17 GMT, marking the most significant single-day increase in three months.

Meanwhile, the positive momentum also lifted rival Puma (ETR: PUM), whose shares rose by 2.5%.