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Chip Stock Moves Higher Despite Dismal Outlook
ONON Semiconductor(ON) Schaeffers Investment Research·2024-10-28 14:31

ON Semiconductor Corp (NASDAQ:ON) stock is up 2% to trade at 72.64atlastglance,reversingpremarketlossesafterthecompanyreportedbetter−than−expectedearningsandrevenueforthethirdquarter.Adisappointingoutlookforthefourthquarteriskeepingtheequity′sgainsincheck,however.The72.64 at last glance, reversing premarket losses after the company reported better-than-expected earnings and revenue for the third quarter. A disappointing outlook for the fourth quarter is keeping the equity's gains in check, however. The 66 level has acted as a floor for ON Semiconductor stock several times since April, and is coming back into play today. Meanwhile, the 200-day moving average is enacting pressure. Shares are now pacing for th ...