Chip Stock Moves Higher Despite Dismal Outlook

Group 1 - ON Semiconductor Corp's stock increased by 2% to $72.64 after reporting better-than-expected earnings and revenue for Q3, although a disappointing outlook for Q4 is limiting gains [1] - The stock has found support at the $66 level multiple times since April and is currently experiencing its fourth consecutive daily gain, breaking a three-week losing streak, but still shows a 13.7% year-to-date deficit [2] - Options trading volume is significantly high, with 13,000 calls and 19,000 puts exchanged, indicating a bearish sentiment among short-term options traders, as reflected in the put/call open interest ratio of 2.45 [3]