onsemi (ON) November weekly 83 straddle into quarter results
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Truist cuts estimates on ON Semiconductor (ON) following weak 4Q guidance
October 31, 2023 8:29 AM EDTTruist Securities reiterated a Buy rating on ON Semiconductor Corp (NASDAQ: ON) but cut their 12-month price target on the chip maker to $81.00 (From $122.00) following 3Q results and guidance.
In the 3Q, ON reported sales of $2,180 million, surpassing the consensus of $2,148 million by 1.5%. While the GPM stood at 47.3%, exceeding the consensus by 40 bps, the OPM of 32.6% fell short of the consensus by 20 bps. Additionally, EPS... More
Onsemi (ON) to cut 900 jobs as slowing EV demand hints at sluggish 4Q
October 30, 2023 2:47 PM EDTOnsemi (NASDAQ: ON), a semi-conductor chip maker with customers in the auto sector, announced Monday that they will be reducing their workforce by 900 jobs as they foresee a sluggish 4Q. The move feeds growing fears in the sector that slowing EV demand has begun to hurt orders for chips.
The announcement sent Onsemi shares tumbling more than 18% on Monday.
Onsemi serves clients such as the European... More
