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

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

Shares of ON Semiconductor Corp 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. NIPG shares jumped 34.4% to $12.25.
• Meta Data Limited AIU shares gained 23.5% to $2.9860.
• Oil States International, Inc. OIS shares jumped 18.8% to $5.63 after the company reported better-than-expected second-quarter financial results.
• CommScope Holding Company, Inc. COMM gained 17.2% to $2.25 after reporting preliminary second quarter results.
• Serve Robotics Inc. SERV rose 16.1% to $15.35.
• Koninklijke Philips N.V. PHG climbed 13.1% to $29.14 after the company reported better-than-expected second quarter earnings.
• The Shyft Group, Inc. 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. 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. OSCR jumped 8.1% to $17.09.
• Aehr Test Systems, Inc. AEHR gained 6.6% to $19.06.
• Castle Biosciences, Inc. CSTL gained 6.4% to $22.40.
• DexCom, Inc. DXCM rose 6% to $67.97.
• MaxLinear, Inc. MXL jumped 5.7% to $13.51.
• Tesla, Inc. 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. 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.

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