Jim Cramer on ON Semiconductor: “I Can’t Be There”

ON Semiconductor Corporation (NASDAQ:ON) is one of the stocks Jim Cramer discussed recently. Noting that the company makes silicon carbide chips for automobiles and industrial markets, a caller inquired about the stock. In response, Cramer said:

“Well, but you see, you just mentioned the end markets, and those are two end markets that I think are the most challenged end markets. So I can’t be there. I mean, even Analog Devices, a company I like very much, kind of similar end markets, I don’t want to be there. Same thing with Texas Instruments.”

Photo by Adam Nowakowski on Unsplash

ON Semiconductor Corporation (NASDAQ:ON) develops semiconductors and sensors. The company provides power management, analog and mixed-signal devices, and intelligent imaging solutions. Cramer mentioned the stock during the February 3 episode and stated:

“The fourth worst performer in the S&P last month was ON Semiconductor, that’s down 17%. This chipmaker is a leading supplier for the auto industry and though it doesn’t report until next week, the stock got hit after Texas Instruments reported last Monday and gave a dour outlook for the automotive and industrial end markets. The semiconductor cohort is all over the place. The ones selling into the AI team are still doing pretty well, but anything cyclical like Texas Instruments or ON Semi has, it had a real tough go.”

It is worth noting that the company’s stock price is down over 4% since the above comment was aired.

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Disclosure: None. This article is originally published at Insider Monkey.