ON Semiconductor Looks to Move Higher (ONNN)
September 22, 2010 12:18 PM
Shares of ON Semiconductor Corporation (NASDAQ: ONNN) are lower on the session by 1.42%, currently trading at $6.76. The stock has been moving largely lower over the past six months, off from recent highs near $9.00, but have recently begun to base sideways and have managed to regain the 50-day moving average as of late.
Options traders are buying upside calls on the stock today. Currently, 19,000 calls have traded versus only 705 puts. This is the second day n a row that call volume has been extraordinarily high.
Traders are buying the $6.00, $7.00, and $8.00 strikes in October and the $6.00 and $7.50 strikes in January 2011.
Overall call volume is running at 7.556x the daily average with 82% of all calls traded being purchases on the offer.
ON Semiconductor Corporation is a global supplier of power, analog, digital signal processing, mixed signal, advanced logic, data management semiconductors, memory and standard semiconductor components, and integrated circuits. The Company designs, manufactures and markets a portfolio of semiconductor components that address the design needs of electronic systems and products.
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