The ONNN trade is up 11%. ONNN came out with a fantastic number this morning.

ON Semiconductor Corp. said Thursday its first-quarter profit rose 34 percent despite weakness in consumer markets, as both product and manufacturing service revenue rose.

Quarterly earnings grew to $54 million, or 18 cents per share, from $40.4 million, or 12 cents per share, in the prior-year period. The number of shares outstanding fell to 300.6 million from 346 million. Revenue rose 12 percent to $374.2 million from $334 million.

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