Benzinga | Sep 29, 2021 01:18PM EDT

Why ON Semiconductor Shares Are Falling

Shares of semiconductor, chip and memory companies, including ON Semiconductor Corp (NASDAQ:ON) are trading lower in sympathy with Micron, which issued first-quarter EPS and sales guidance below estimates.

Shares of technology companies at large are also trading lower this week amid a rise in bond yields, which has weighed on growth stock valuations.

ON Semiconductor is a leading supplier of power and analog semiconductors, as well as sensors. ON is the second-largest global supplier of discrete transistors like insulated gate bipolar transistors, or IGBTs, and metal oxide semiconductor field-effect transistors, or MOSFETs, and also has a significant integrated power chip business.

ON Semiconductor is trading lower by 4.5% at $45.22. ON Semiconductor has a 52-week high of $49.78 and a 52-week low of $21.55.