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Summary
- ON Semiconductor stock jumped around 15%, while XPO Logistics grew 7%.
- ON Semiconductor posted better-than-expected second-quarter earnings.
- XPO Logistics completed the spin-off of its supply chain business GXO Logistics Inc.
ON Semiconductor Corporation (NASDAQ:ON) stock jumped around 15 percent to a new 52-week high, while XPO Logistics, Inc. (NYSE:XPO) rose up to 7 percent on Monday morning.
The semiconductor supplier shares rallied after the company reported its second-quarter earnings, which surpassed its estimates. Meanwhile, XPO Logistics gained as it completed the spin-off of its supply chain business GXO Logistics, Inc.
ON Semiconductor Corp. (NASDAQ:ON)
The Phoenix-based company earned 42 cents per share in the second quarter and 63 cents per share on a GAAP basis. This compares with the breakeven earnings reported in the same quarter last year and was 12 cents per share in adjusted earnings.
ON Semiconductor had earlier projected GAAP EPS to come in between 29 cents and 38 cents, while non-GAAP EPS was anticipated in the range of 44 cents to 54 cents.
Revenue surged 38 percent year over year during the quarter ended July 2 to a record US$1.67 billion.
For the third quarter, ON Semiconductor expects its EPS to be between 53 cents and 63 cents. Non-GAAP EPS is anticipated in the range of 68 cents to 80 cents. Revenue is projected to come in between US$1.67 billion and US$1.76 billion.
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XPO Logistics, Inc. (NYSE:XPO)
The Connecticut-based transportation and logistics company on Aug. 2 completed the spin-off of its logistics segment GXO Logistics, which has 869 logistics facilities in 27 countries.
GXO Logistics now trades on the New York Stock Exchange under the ticker GXO. XPO said each of its shareholders as of July 23 will get one share of GXO common stock for every share of XPO common stock.
Last week, XPO Logistics reported its second-quarter results, in which the company said its revenue increased to US$5.04 billion from US$3.50 billion in the year-ago quarter.
Net income attributable to shareholders totaled US$156 million, compared to a loss of US$132 million in the same quarter of 2020.
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Source: Pixabay
Share performance
ON Semiconductor’s market cap totals US$19.17 billion. It has a P/E ratio of 49.54. The stock gained 35 percent year to date and traded as low as US$19.75 during the last 52 weeks.
As of 1:13 pm, ET, ON Semiconductor shares were trading at US$44.45, up 13.80 percent.
XPO Logistics has a market capitalization of US$9.62 billion and a P/E ratio of 35.07. Its stock returned 20 percent year to date. During the last one year, XPO Logistics while it traded between US$73.76 and US$153.45.
As of 1:14 pm ET, XPO Logistics was trading at US$83.71, up 3.74 percent.
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Please note: The above constitutes a preliminary view, and any interest in stocks/cryptocurrencies should be evaluated further from an investment point of view.
The reference data in this article has been partly sourced from Refinitiv.
