Stock price volatility continues today after ON Semiconductor (ON) posted quarterly results. Shares gained by 11.54% yesterday after it posted revenue falling by 17% Y/Y to $1.74 billion. This is one of the top stocks today.
ON stock attracted buyers after the firm issued a Q3 revenue forecast of $1.7 billion to $1.8 billion. Chip investors may consider buying NXP Semiconductors (NXPI), Analog Devices (ADI), and Texas Instruments (TXN).
Revvity (RVTY) will continue its breakout after posting $1.22 in non-GAAP EPS. For 2024, the firm expects revenue to top up to $2.79 billion. It also raised its EPS guidance to $4.70 – $4.80.
Bottom Stocks
GRAIL (GRAL) is at risk of breaking below $15.00. Investors who received the stock from the Illumina (ILMN) spinoff are selling shares.
Selling pressure is intensifying for ARM Holdings (ARM). The stock trades at a forward P/E of 95 times, which is unsustainable. HSBC downgraded ARM stock on Monday ahead of the Q2 report on Wednesday, citing valuation concerns.
Solar energy firm Enphase (ENPH) is at risk of re-testing the sub-$100 lows.
Investors are taking profits after Enphase posted strong Q3 bookings. Enphase expects Q3 revenue to be up to $410 million. Gross margin is in the range of 47% to 50%.
