ON Semi Leads Chip Stocks Higher Midday

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ON Semi Leads Chip Stocks Higher Midday

binary-news – The semiconductor sector got a welcome boost today thanks to encouraging earnings from ON Semicondcutor.

ON Semiconductor (NASDAQ:ON) stock rose about 11% at 12:52 PM ET (16:52 GMT).

The Philadelphia Semiconductor Index was up about 0.4%, while the S&P 500 Information Technology index fell about 0.2%.

The company reported earnings of 57 cents per share, ex items, topping consensus estimates, while revenue of $1.54 billion also came in ahead of Street forecasts.

Looking ahead, ON Semi predicted fourth-quarter revenue of $1.48 billion to $1.53 billion, which was also just ahead of expectations.

Other stocks rallying in the sector included Analog Devices (NASDAQ:ADI) up about 3%, and Entegris (NASDAQ:ENTG), which climbed about 4%.

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