Why ON Semiconductor Stock Popped Today
Shares of ON Semiconductor (NASDAQ: ON) popped today, up by 10% as of 1:05 p.m. EDT, after activist investor Starboard Value took a stake in the company and laid out a bullish thesis at the 13D Monitor Active-Passive Investing Summit, an investing conference for activist hedge funds.
Starboard Value Chief Investment Officer Jeff Smith acknowledged that ON has faced challenges in recent years, but said it still serves attractive end markets and is positioned to grow going forward. The semiconductor company should be able to take advantage of growth opportunities in the automotive, industrial, and cloud power markets, which represent approximately 65% of revenue.
Image source: ON Semiconductor.
Source Fool.com
