Shares of ON Semiconductor Corp. ON dropped 3.6% in premarket trading Monday, after the maker of semiconductors for the automotive and industrial markets reported fourth-quarter results that topped expectations and announced a new $3 billion stock repurchase program, but provided a downbeat outlook. The stock’s selloff comes just two sessions after it closed at a record $82.12. Net income nearly doubled to $604.3 million, or $1.35 a share, from $311.
6% in premarket trading Monday, after the maker of semiconductors for the automotive and industrial markets reported fourth-quarter results that topped expectations and announced a new $3 billion stock repurchase program, but provided a downbeat outlook. The stock’s selloff comes just two sessions after it closed at a record $82.12. Net income nearly doubled to $604.3 million, or $1.35 a share, from $311.9 million, or 70 cents a share, in the year-ago period.
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