ON Semiconductor rises on Wall St. reaction to 1Q results
NEW YORK—Shares of ON Semiconductor Corp. continued to rise Thursday on positive analyst reaction to its first-quarter profit and second-quarter outlook.
Wedbush Morgan Securities analyst Patrick Wang said the company delivered "stellar" first-quarter results and healthy guidance.
He thanked the company for explaining how much income was coming from former rival, Amis Holdings Inc., which it acquired during the first quarter.
"ON Semi reported an excellent quarter and prudently avoided potential confusion by clearly articulating the moving parts of the business and one-time charges associated with acquisition," he said.
Excluding one-time costs and gains, the company earned 21 cents per share, while analysts polled by Thomson Financial expected profit of 14 cents per share.
Shares of the Phoenix-based company rose more than 20 percent Wednesday after the release of the results.
They rose an additional 28 cents, or 3 percent, to $9.68 in Thursday afternoon trading. They have traded in the past year between $4.86 and $13.15.
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