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.

Of the 30 analysts covering onsemi stock, 20 have a Buy or Strong Buy rating. The others rate it at Hold. At a recent price of around $78.00 a share, the stock has outrun its median price target of $75.00. At the high price target of $85.00, the implied gain is 9%.

Fourth-quarter revenue is forecast at $2.08 billion, which would be down 5.2% sequentially but up 12.4% year over year. Adjusted EPS are forecast at $1.26, down 12.8% sequentially but 15.6% higher year over year. For the full 2022 fiscal year, analysts have estimated EPS of $5.27, up 78.7%, on a sales jump of 23.2% to $8.61 billion.

The stock trades at about 14.8 times expected 2022 EPS, 17.3 times estimated 2023 earnings of $4.49 and 15.7 times estimated 2024 earnings of $7.97 per share. The stock’s 52-week trading range is $44.76 to $78.50. The chipmaker does not pay a dividend, and total shareholder return over the past year was 30.57%.

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Tyson Foods

A global supplier of beef, chicken, pork and prepared foods, Tyson Foods Inc. (NYSE: TSN) has shed more than 28% of its share price over the past 12 months. Shares have managed to add nearly 5% so far in 2023. In October, the company announced plans to close offices in Illinois and South Dakota and relocate employees who wished to move to its Arkansas headquarters. Hundreds of employees reportedly stayed put. Then earlier this month, the company said it plans to add 400 employees at an Illinois plant that produces packaged foods.

Of 13 analysts covering the stock, five have ratings of Buy or Strong Buy and six have Hold ratings. At a share price of around $65.00, the implied gain based on a median price target of $75.00 is 15.4%. At the high price target of $106.00, the implied gain is 63.1%.

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