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Benzinga
Benzinga
Technology
Anusuya Lahiri

Here's Why ON Semiconductor Shares Are Trading Higher Today

On ON Semiconductor Semiconductor Nasdaq
  • S&P Dow Jones Indices looks to incorporate changes to the S&P 500, S&P MidCap 400, and S&P SmallCap 600 indices effective June 21.
  • ON Semiconductor Corp (NASDAQ:ON) will replace IPG Photonics Corp (NASDAQ:IPGP) in the S&P 500.
  • IPG Photonics will replace Yelp Inc (NYSE:YELP) in the S&P MidCap 400. 
  • Also Read: BofA Picks Nvidia As Top Pick; Expresses Bullishness On Marvell, AMD, ON Semiconductor
  • Yelp will replace Red Robin Gourmet Burgers Inc (NASDAQ:RRGB) in the S&P SmallCap 600.
  • The changes will ensure each index is more representative of its market capitalization range. 
  • Recently, ON Semiconductor beat its first-quarter FY22 revenue and EPS consensus, aided by auto and industrial end-markets.
  • Price Action: ON shares traded higher by 5.74% at $66.55 on the last check Monday.
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