Why Aehr Test Systems Plunged Today

Aehr Test Systems -6.00%
ON Semiconductor Corporation +1.20%

Aehr Test Systems

AEHR

16.07

-6.00%

ON Semiconductor Corporation

ON

78.55

+1.20%

Aehr Test Systems (NASDAQ:AEHR) shares are trading lower on Monday in sympathy with ON Semiconductor (NASDAQ:ON), which fell after reporting third-quarter results and issuing weak guidance.

What To Know: ON Semiconductor posted third-quarter earnings before the open of the market on Monday. The company reported quarterly earnings of $1.39 per share which beat the analyst consensus estimate of $1.34, a 4.14% decrease over earnings of $1.45 per share from the same period last year.

The company reported quarterly sales of $2.18 billion which beat the analyst consensus estimate of $2.15 billion, a 0.54% decrease over sales of $2.19 billion from the same period last year.

ON Semiconductor issued fourth-quarter revenue guidance of between $1.950 billion and $2.050 billion, versus the $2.18 billion estimate. Earnings per share is guided to be between $1.13 and $1.27, versus the estimate of $1.36.

Aehr Test Systems shares fell in sympathy with ON Semiconductor, on unusually high volume. According to data from Benzinga Pro, the stock experienced above-average trading volume of 5.70 million shares on Monday compared to its average volume of 995,030.

Related Link: SoFi Stock Is Headed Higher, Says Goldman Sachs: Q3 Earnings First Take

AEHR Price Action: Shares of AEHR were down 19.8% at $23.88 at the time of publication, according to Benzinga Pro.

Image by Willfried Wende from Pixabay

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