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 (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.

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