| | | The Nasdaq is actually lower today than it was at its August lows:
MU is not the only stock doing poorly. On the Nasdaq we have nearly a 90% downside day going again with already 409 new lows and only 2 new highs. ON semiconductor is a stock that I own shares in that is doing even worse than MU. Their earnings report was not that bad. The market is that bad. Here is the ON report data from Briefing.com:
9:56 am ON Semiconductor Slides Despite Earnings Beat
finance.yahoo.com
Semiconductor and integrated circuit manufacturer ON Semiconductor (ON 7.68, -0.37) reportedits quarterly results today, announcing earnings of $0.13 per share on $840.30million in revenue. The company's bottom-line results came in just ahead ofanalysts' average estimates while revenue was reported in-line with analystestimates.
The company's top line matched market expectations, whichmasked the fact that revenue fell 7.1% year-over-year. However, the fourthquarter decline did not stop the company from realizing 10.6% revenue growth in2015 with total revenue coming in at $3.496 million.
On a GAAP basis, the company's total gross margin in thefourth quarter was 33.3%, which represented a decrease from 34.1% reported forthe third quarter. The fourth quarter margin was lower than the full-yearmargin, which hit 34.1%.
ON Semiconductor President and Chief Executive Officer KeithJackson commented on the results, saying the company was able to overcomeheightened macroeconomic uncertainty and softening demand thanks to robust costdiscipline. Mr. Jackson also highlighted the company's repurchase program,which allowed ON to repurchase $348 million of its shares in 2015 with $20million worth of shares being bought back during the fourth quarter.
Going forward, ON Semiconductor expects to generate firstquarter revenue in the range of $800-840 million, which is roughly in line withmarket expectations. The company expects some pricing pressures to persist,resulting in a 2.0% quarter-over-quarter decline in average selling prices.
Shares of ON have tumbled 4.6% to levels last seen in late2014.
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