Why ON Semiconductor Corp. (ON) Dipped More Than Broader Market Today

ON Semiconductor Corp. (ON) closed at $76.00, down 1.97%, underperforming the broader market. The company is expected to report EPS of $0.87 (38.1% growth YoY) and revenue of $1.7 billion (9.66% growth YoY). With a Zacks Rank of #3 (Hold) and a Forward P/E of 24.24 (below industry average of 39.22), the stock trades at a valuation discount despite recent downward EPS estimate revisions of 0.84% over the past 30 days.