ON Semiconductor Corp ON announced it completed the acquisition of SWIR Vision Systems after the bell Tuesday. Here’s a look at what to know.
The Details: On Semiconductor said SWIR Vision Systems is now a wholly owned subsidiary of On Semi, and its team is being integrated into On’s Intelligent Sensing Group. The acquisition is not expected to have any meaningful impact on On Semiconductor’s near-to-midterm financial outlook.
The stock ended Tuesday’s session up 5.41% as the Nasdaq 100 Index marked a new daily closing high of 20,011 points aided by large gains in Tesla, Inc. TSLA and other tech stocks.
Investors’ confidence was boosted by comments from Fed Chair Jerome Powell who spoke at the European Central Bank monetary policy panel on Tuesday and suggested the disinflation trend has resumed and the labor market is cooling.
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On Semiconductor announced a restructuring plan in June which included a workforce reduction of 1,000 employees and consolidation of nine sites to optimize its manufacturing network and consolidate its global corporate footprint.
According to data from Benzinga Pro, On Semiconductor shares are trading above the stock’s 50-day moving average of $70.63 and 7.38% of available shares are being sold short.
ON Price Action: According to Benzinga Pro, On Semiconductor shares ended Tuesday’s session up 5.41% at $72.92.
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