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%.