ON Semiconductor is trading 4.19% down now at $71.26 amid broad market weakness and rising geopolitical risk.
- U.S. equities reopened lower after the Labor Day holiday as oil prices climbed following attacks on Saudi Arabian energy facilities; stronger jobs data increased expectations for a September Federal Reserve rate hike.
- Semiconductor shares are rallying overall, suggesting ON Semiconductor is underperforming its sector.
- Wells Fargo lowered its price target to $95 from $110 on September 3, adding valuation pressure.