ON Semiconductor Posts Upbeat Earnings, Joins Oil States International, CommScope Holding And Other Big Stocks Moving Higher On Monday

Author: Avi Kapoor | July 29, 2024 11:09am

U.S. stocks were mixed, with the Dow Jones index falling more than 100 points on Monday.

Shares of ON Semiconductor Corp (NASDAQ:ON) rose sharply during Monday's session after the company reported better-than-expected second quarter financial results.

ON Semiconductor reported a fiscal second-quarter 2024 revenue decline of 17.2% year-on-year to $1.74 billion, beating the analyst consensus estimate of $1.73 billion. The adjusted EPS of 96 cents beat the analyst consensus estimate of 92 cents per share, according to data from Benzinga Pro.

ON Semiconductor said it expects third-quarter adjusted revenue of $1.70 billion – $1.80 billion, versus the consensus of $1.73 billion. The company sees adjusted EPS of 91 cents to $1.03 versus the consensus of 92 cents.

ON Semiconductor shares jumped 13.7% to $79.76 on Monday.

Here are some other big stocks recording gains in today’s session.

NIP Group Inc. (NASDAQ:NIPG) shares jumped 34.4% to $12.25.
Meta Data Limited (NYSE:AIU) shares gained 23.5% to $2.9860.
Oil States International, Inc. (NYSE:OIS) shares jumped 18.8% to $5.63 after the company reported better-than-expected second-quarter financial results.
CommScope Holding Company, Inc. (NASDAQ:COMM) gained 17.2% to $2.25 after reporting preliminary second quarter results.
Serve Robotics Inc. (NASDAQ:SERV) rose 16.1% to $15.35.
Koninklijke Philips N.V. (NYSE:PHG) climbed 13.1% to $29.14 after the company reported better-than-expected second quarter earnings.
The Shyft Group, Inc. (NASDAQ:SHYF) gained 11.2% to $15.33. DA Davidson analyst Michael Shlisky upgraded Shyft Group from Neutral to Buy and raised the price target from $12 to $18.
ZIM Integrated Shipping Services Ltd. (NYSE:ZIM) gained 8.5% to $18.48. ZIM Integrated Shipping Services will release its second quarter financial results on Monday, Aug. 19.
Oscar Health, Inc. (NYSE:OSCR) jumped 8.1% to $17.09.
Aehr Test Systems, Inc. (NASDAQ:AEHR) gained 6.6% to $19.06.
Castle Biosciences, Inc. (NASDAQ:CSTL) gained 6.4% to $22.40.
DexCom, Inc. (NASDAQ:DXCM) rose 6% to $67.97.
MaxLinear, Inc. (NYSE:MXL) jumped 5.7% to $13.51.
Tesla, Inc. (NASDAQ:TSLA) rose 5.6% to $232.15. Morgan Stanley analyst Adam Jonas reiterated Tesla with an Overweight and maintained a $310 price target.
Foot Locker, Inc. (NYSE:FL) gained 4.5% to $27.65. On July 18, Morgan Stanley downgraded the stock from Equal-Weight to Underweight and lowered its price target from $24 to $18.