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ON Semiconductor Corp.’s stock is currently trading at 16.06-lower by 6.22% as compared to its previous close. In the Premarket trading session on Monday, the stock was trading lower by 4.21%. The stock has continued falling after the opening bell.
The company reported its first-quarter earnings before the market open on Monday. The company generated an EPS of 10 cents for the first quarter. The EPS was below the market expectation of 15 cents. ON Semiconductor brought in $1.277 billion in revenue for the first quarter. The revenue was also below the consensus estimates of $1.29 billion.
ON Semiconductor said that its Q1 revenue was significantly impacted by the slowdown in global macroeconomic activity and supply constraints. The company forecasts Q2 revenue in a range of $1.10 billion to $1.26 billion. The markets had expected revenues of $1.28 billion for the second quarter. Stocks of the ON Semiconductor have fallen about 34% Year-to-date.
On the technical front, the RSI is currently at 55.66% and suggests that the market can move in the downward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger bands but is heading downwards.
Overall Bias is Negative and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.
TRADE SUGGESTION- LIMIT SELL AT 16.10 TAKE PROFIT AT 15.60 STOP LOSS AT 16.35