Onsemi Beats Earnings Expectations, Gives Weak Guidance

1 hr 10 min ago

ON Semiconductor (ON) beat third-quarter profit and revenue estimates Monday, but sales continued to decline and the chipmaker gave weak guidance.

The company, also known as Onsemi, reported third-quarter adjusted earnings per share (EPS) of $0.99, with revenue declining nearly 20% year-over-year to $1.76 billion. Both were slightly above consensus forecasts of analysts polled by Visible Alpha.

Onsemi sees current-quarter adjusted EPS in the range of $0.92 to $1.04 and revenue of $1.71 billion to $1.81 billion. Analysts surveyed by Visible Alpha were looking for $1.00 and $1.78 billion, respectively.

ON Semiconductor shares were up 2.5% in recent trading, though are down nearly 13% in 2024.

–Bill McCoil

Boeing Kicks Off Stock Sale That Could Raise Around $19 Billion

1 hr 43 min ago

Boeing (BA) on Monday launched the sale of around $19 billion in stock and depositary shares, as the troubled plane maker seeks to shore up its finances.

Boeing said it had kicked off the sale of 90 million shares of common stock. That would amount to $13.95 billion if the shares are valued at their Friday closing price of $155.01 each.

Boeing is also offering $5 billion in depositary shares for sale, which it said it intends to list on the New York Stock Exchange (NYSE) under the symbol “BA.PRA.”

The plane maker, which is grappling with a crippling strike by its union machinists, will also offer the deals’ underwriters a 30-day option to buy an additional 13.5 million common shares and $750 million of depositary shares.

Boeing said net proceeds would go toward the "repayment of debt, additions to working capital, capital expenditures, and funding and investments" in its subsidiaries.

Boeing shares were down nearly 2% in early trading Monday.

–Nisha Gopalan

Futures Point to Higher Open for Major Indexes

3 hr 7 min ago

Futures tied to the Dow Jones Industrial Average were up 0.3%.

S&P 500 futures were up 0.4%.

Nasdaq 100 futures were up 0.6%.

Take the Next Step to Invest Advertiser Disclosure × The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace.