markets

Yiwen Lu10/28/24

Chip supplier ON Semi had a slow — but better than expected — quarter

Shares of ON Semiconductor fell as much as 5% during premarket trading on Monday, despite beating expectations for the quarter. The stock rebounded after the market opened but wavered between positive and negative territory.

Sales for the quarter were $1.76 billion, a 19.2% decrease from a year ago. Analysts forecasted $1.75 billion. The company reported adjusted earnings per share of $0.99 per share, more than Wall Street’s expectation of $0.97.

ON Semi makes analog chips designed for the industrial and automotive markets. Over the past year, auto manufacturers bought fewer chips designed for cars due to an inventory stockpile during the pandemic, which resulted in declining revenue for ON Semi. The stock is down about 12% so far this year.

The company might be seeing signs of recovery, however. In a press release, CEO Hassane El-Khoury said the company saw rising demand for power in key markets: “We are investing to win across the entire power spectrum to ensure that ON Semi is best positioned to gain share in automotive, industrial, and AI data center.”

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J. Edward Moreno7/7/26

SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

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Meta surges on report it’s starting a cloud business to sell excess AI compute

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