Moving ON Earnings
Several stocks moved bigly today after reporting results, so let’s recap. 👇
We’ll start with ON Semiconductor, which helped inspire the title of this post. Although its third-quarter results topped expectations, its forecast for fourth-quarter EPS of $1.13-$1.27 and revenues of $1.95-$2.05 billion both missed by a wide margin. Macroeconomic pressures such as weaker demand for vehicles pressured the stock, with analysts saying the cyclical nature of the company’s business is taking hold again. $ON shares plummeted 22% on the day. 📊