ON Semiconductor Corp.  (ONNN) Trade Now »     Rate ONNN  -  Discuss ONNN  -  Add to Watch List        

<font> --Total revenues of $419.8 million </font>

<font> --Adjusted EBITDA of $78.3 million </font>

<font> --GAAP net loss of $0.01 per fully diluted share </font>

<font> --Non-GAAP net income of $0.09 per fully diluted share </font>

<font> --Cash provided by operating activities of $58.3 million </font>

<font> --Internal inventories declined by $29.7 million </font>

<font> --Reduction in debt of $26.6 million </font>

I see three distinct buy points on this three year chart.

1.  April '05, $3-  The 10 WMA crosses the 50 WMA to the downside (oversold indicator), the MACD starts its bottoming out trend, and it hits the trend line forming all the bottoms

2.  July '06, $5-  The 10 WMA crosses the 50 WMA to the downside again,  the MACD starts its bottoming out trend again, and it hits the trend line forming all the bottoms

3.  Nov '07, $8-  The 10 WMA crosses the 50 WMA, the MACD has bottomed, and it hit that trend line

Traders at Palma are Bullish on ONNN

www.palmaresearch.com/default.aspx?viewreport=ONNN

ON Semiconductor (ONNN) shares are trading higher this morning after the chipmaker late yesterday posted better-than-expected Q3 results.

For the quarter, ONNN reported revenue of $472.9 million and non-GAAP profits of 16 cents a share; the Street had been looking for $454.9 million and 10 cents.

For Q4, ONNN is expecting sales of $480 million to $495 million, above the Street at $468.3 million.

ONNN this morning is up 52 cents, or 7.6%, to $7.35.

Morgan Stanley this morning turned cautious on both the chip stocks and the semiconductor equipment sector, downgrading ratings on many names in the group.

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So, this sure is a nice day for stocks. But not chip stocks.

Are investors getting worried about Q3 results - or Q4 guidance? If you happen to be nervous about the near-term prospects for the sector, it would seem logical to take profits given fat gains off the March market bottom. Even so, there is something a little disconcerting about seeing these stocks, which played a starring role in the recent advance, start to falter.