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Happy Tuesday afternoon to everyone on The Street. Here's a snapshot of where markets ended the trading session, plus tomorrow's trade idea delivered to you today.

• 🟥 | US stocks fell Tuesday. The S&P 500 and Nasdaq Composite both snapped five-day winning streaks as the post-election rally stalled.

• 📈 | One Notable Gainer: Shares of meatpacking giant Tyson Foods climbed 6.6% after beating earnings driven by a turnaround in its chicken business.

• 📉 | One Notable Decliner: GE Vernova’s stock slumped 7.4% after its CEO put the kibosh on plans to order new offshore wind turbines.

• ⚙️ | Tomorrow's Trade: Should You Be In On ON? Scroll down for more.

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MARKET MOVERS

Adobe, Live Nation, Super Micro

ADBE (+4.4%) Adobe adds AI tools to its stock photography business (Reuters)

LYV (+4.7%) Live Nation Posts Biggest Summer Concert Season ‘Ever’ in Third-Quarter 2024 Earnings (Variety)

SMCI (-6.6%) Super Micro Needs a New Auditor By This Weekend. Its Options Are Limited. (Barron’s)

DXCM (+5.7%) Entropy Technologies LP Takes $3.48 Million Position in DexCom, Inc. (MarketBeat)

TSLA (-6.2%) Tesla Stock Is Dropping Because Trees Don’t Grow to the Sky (Barron’s)

OVERHEARD ON THE STREET

CNBC: The S&P 500 is on track for a second consecutive year of gains over 20%, a rare occurrence historically.

WSJ: ExxonMobil’s CEO said President-elect Trump's plan to withdraw the U.S. from the Paris climate agreement is a bad idea.

YF: Boeing secured a $10 billion jet order, signaling a vote of confidence following a seven-week strike.

ABC: The Biden EPA will impose the first-ever federal "methane fee” on oil and gas companies that exceed methane emission limits from drilling waste.

NYT: The New York Times Tech Guild ended its strike, with members returning to work today despite not yet reaching a contract agreement.

TOMORROW’S TRADE IDEA, TODAY

Should You Be In On ON?

Time to Catch Up

Semiconductor stocks have had a banner year overall. But there’s at least one exception to the rule.

Chipmakers like NVIDIA (NVDA) have directly benefited from booming demand in the burgeoning AI industry. However, ON Semiconductor (ON) hasn’t been exposed to this tailwind, as it specializes in the auto and manufacturing sector.

ON has seen its stock decline 31% since July 2023, largely due to a slowdown in car demand and automakers having a surplus of chips on hand. But now several factors have some analysts believing it may be time to buy.

Catalysts Cropping Up

For one thing, car sales are beginning to recover, thanks to Fed rate cuts. On top of that, Donald Trump’s win in the 2024 US election could be a catalyst for ON. President-elect Trump’s victory could boost the car industry, while falling rates buoy buyer activity.

As demand for vehicles rises, chip orders are likely to increase as well. Piper Sandler analyst Harsh Kumar believes that this could lead to year-over-year sales growth for the company.

Its sales were up 4.9% last quarter, and margins also improved, leading the analyst to believe the worst of ON’s headwinds may be in the past.

Strong Projections

ON’s revenue is projected to grow 10% to $9 billion by 2027, per Barron’s, largely due to increased demand for its silicon-carbide auto chips.

It currently has over $1 billion in free cash flow, which it plans to use for a share buyback program. This could result in a higher EPS in quarters to come.

Nevertheless, the stock is currently trading at a low 17 times 12-month forward earnings, well below the S&P average and its peers.

For those who missed the first train to the chip boom, some analysts believe the next one has arrived at the station.

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ON OUR RADAR

NYT: The founder of a controversial website talks air travel hacks like “skiplagging”, skipping the last leg of a flight to secure cheaper prices.

CNBC: China's Singles' Day shopping festival exceeded expectations, with consumers spending more than anticipated despite a sluggish retail environment.

Bloomberg: China seems poised to respond to proposed Trump tariffs with increased stimulus, stronger manufacturing support, and a weaker yuan.

FT: Amazon's Annapurna Labs is investing heavily to develop custom AI chips aimed at competing with NVIDIA and reducing reliance on the market leader.

ABC: A Dutch appeals court overturned a landmark ruling that required Shell to cut its carbon emissions by 45% by 2030 compared to 2019 levels.

MONDAY’S POLL RESULTS

Do you think bitcoin will reach $100k by year's end?

🟩🟩🟩🟩🟩🟩 Yes

🟨🟨⬜️⬜️⬜️⬜️ No

A message from the Sponsor: * This is a paid advertisement for Mode Mobile Regulation A offering. Please read the offering circular and related risks at invest.modemobile.com. Past performance is no guarantee of future results. Start-up investments are speculative and involve a high degree of risk. Those investors who cannot afford to lose their entire investment should not invest in start-ups. Companies seeking startup investment tend to be in earlier stages of development and their business model, products and services may not yet be fully developed, operational or tested in the public marketplace. There is no guarantee that the stated valuation and other terms are accurate or in agreement with the market or industry valuations. Further, investors may receive illiquid and/or restricted stock that may be subject to holding period requirements and/or liquidity concerns. DealMaker Securities LLC, a registered broker-dealer, and member of FINRA | SIPC, located at 105 Maxess Road, Suite 124, Melville, NY 11747, is the Intermediary for this offering and is not an affiliate of or connected with the Issuer. Please check our background on FINRA's BrokerCheck.

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