Shares in ON Semiconductor (NASDAQ: ON) were up as much as 10% on the opening of trading today. The move comes after a satisfactory set of fourth-quarter earnings and first-quarter guidance. I've used the word "satisfactory" because the figures weren't anything outstanding. The company's revenue came in slightly above the midpoint of management's guidance, and the earnings per share of $1.25 in the fourth quarter were at the high end of the guidance range of $1.13 to $1.27.

That's good enough, however the first-quarter revenue guidance of $1.8 billion to $1.9 billion is below the Wall Street consensus of $1.92 billion.

Still, the good news wasn't so much about the numbers and what management said as it was about what management didn't say.

Continue reading

Source Fool.com