ON Semiconductor (ON) Nosedives 15% as Cautious Market Weighs on Outlook

We recently published 10 Stocks Bleeding Early. ON Semiconductor Corp. (NASDAQ:ON) is one of the worst-performing stocks on Monday.

ON Semiconductor saw its share prices drop by 15.58 percent on Monday to close at $47.97 apiece as investors soured on its chief executive officer’s warning of a cautious market sentiment that could dampen its profits and margins.

In an investor call, ON Semiconductor Corp. (NASDAQ:ON) CEO Hassane El-Khoury said that there “is a lot of uncertainty in the automotive market,” and that both Europe and North America are weak.

“You have the tariff, and you have just the general uncertainty of end market demand. So you see customers waiting to the last minute to place an order and an end,” he was quoted as saying.

In the second quarter of the year, ON Semiconductor Corp. (NASDAQ:ON) dropped its attributable net income by 50 percent to $170.3 million from the $338.2 million registered in the same period last year.

Revenues decreased by 15 percent to $1.47 billion from $1.73 billion year-on-year.

For the third quarter of the year, ON Semiconductor Corp. (NASDAQ:ON) said it expects revenues to end between $1.47 billion and $1.56 billion.