Here's Why ON Semiconductor Shares Are Trading Higher Today

S&P Dow Jones Indices looks to incorporate changes to the S&P 500, S&P MidCap 400, and S&P SmallCap 600 indices effective June 21.
ON Semiconductor Corp ON will replace IPG Photonics Corp IPGP in the S&P 500.
IPG Photonics will replace Yelp Inc YELP in the S&P MidCap 400.
Also Read: BofA Picks Nvidia As Top Pick; Expresses Bullishness On Marvell, AMD, ON Semiconductor
Yelp will replace Red Robin Gourmet Burgers Inc RRGB in the S&P SmallCap 600.
The changes will ensure each index is more representative of its market capitalization range.
Recently, ON Semiconductor beat its first-quarter FY22 revenue and EPS consensus, aided by auto and industrial end-markets.
Price Action: ON shares traded higher by 5.74% at $66.55 on the last check Monday.