Earnings Previews: ON Semiconductor, Tyson Foods

In morning trading Thursday, the Dow Jones industrials were down 0.5%, while the S&P 500 was up 0.7% and the Nasdaq was up 1.9%. A strong report from Meta Platforms Wednesday night had tech stocks off to a roaring start Thursday morning.

Meta Platforms handily beat the consensus earnings per share (EPS) and revenue estimates, and CEO Mark Zuckerberg declared 2023 would be the “year of efficiency.” Meta trimmed its capex budget by $4 billion and said it plans a $40 billion share buyback. Shares traded up by around 19% in the morning.

Before markets opened on Thursday, Sirius XM beat the consensus EPS estimate by a penny but missed on revenue. The satellite radio company also issued downside guidance for fiscal 2023 revenue. Shares traded down about 7% in early trading.

Bristol-Myers Squibb beat estimates on both the top and bottom lines and issued guidance for fiscal 2023 that was in line with the consensus estimates. Shares traded up by 0.6%.

ConocoPhillips reported EPS that fell short of the consensus estimate on revenue that was nearly 21% higher than in the year-ago quarter and more than $1 billion higher than the consensus estimate for the fourth quarter. Not good enough for investors, apparently, as the stock traded down by about 3.3%.

Merck reported better-than-expected earnings and revenue but issued 2023 EPS guidance that fell well short of the consensus estimate. Revenue guidance was in line with expectations. The Dow stock traded down 3.3% in the early going.

After markets close on Thursday, Alphabet, Amazon, Apple and Qualcomm will report quarterly results, as will Ford, Starbucks and U.S. Steel.

Here is a peek at what to expect when the following two firms report results before first thing Monday morning.

ON Semiconductor

Chipmaker ON Semiconductor Corp. (NASDAQ: ON), or onsemi as it styles itself, posted an all-time high share price on Wednesday, adding 6%, probably due to AMD’s earnings report. The stock is up more than 30% over the past 12 months.

Onsemi has lodging in the auto industry, especially in the EV charging space. It also manufactures analog and other integrated chips that may not be on the cutting edge but are used in hundreds, if not thousands, of other products. The following 12-month chart for onsemi and AMD shows the same basic shape and far better performance for one of the pair.

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