Why ON Semiconductor Stock Popped 9% Today After Missing Earnings
Shares of ON Semiconductor (NASDAQ: ON) surged after the company issued a weekend earnings report to trade up 9% as of 2:41 EDT on Monday.
Analysts had predicted the chipmaker would report pro forma profits of $0.36 per share on sales of $1.38 billion for the third quarter of 2019. ON hit that sales prediction, but missed on earnings, reporting ""non-GAAP diluted earnings per share" of just $0.33 -- but investors bid it up anyway.
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Source Fool.com
