ON Semiconductor Corp.’s stock ON was rising more than 4% in Monday’s premarket action after the automotive chip company topped expectations for its latest quarter and gave an upbeat outlook. The company logged first-quarter net income of $462 million, or $1.03 a share, down from $530.2 million, or $1.18 a share, in the year-earlier quarter. On an adjusted basis, ON Semiconductor earned $1.19 a share, down from $1.22 a share but ahead of the FactSet consensus, which was for $1.08 a share. Revenue inched up to $1.96 billion from $1.95 billion, while analysts had been modeling $1.92 billion. “We continued our momentum with…
