ON Semiconductor Sinks After Downgrade

ON Semiconductor Corp ON shares are trading lower by $0.87 (6 percent) at $14.23 in Tuesday's session.

The lightly followed issue is suffering from a downgrade at Credit Suisse. Before the open, the firm downgraded the stock from Outperform to Underperform and lowered their price target from $17.50 to $13.50.

Its lower opening print of $14.70 has turned out to be the high for the session. It has continued to make lows for the session, with the current one standing at $14.12. That low fills a void in price from February 10 and 13, when the stock gapped higher and ran after a better-than-expected Q4 report.

If the decline continues, there may be additional support at the series of five consecutive lows from February 3 to February 9 ranging from $13.73 to $13.93.