ON Semiconductor (ONNN) NewsBite - ONNN Downgraded By Morgan Stanley

Posted: Tuesday, November 03, 2009 1:30 PM EDT

ON Semiconductor (ONNN) was downgraded today by analysts at Morgan Stanley and the stock is now at $6.45, down $0.22 (-3.30%) on volume of 9,569,783 shares traded. The analysts downgraded the stock to Underweight from Equalweight. Over the last 52 weeks the stock has ranged from a low of $2.35 to a high of $9.12. ON Semiconductor stock has been showing support around $6.37 and resistance in the $6.93 range. Technical indicators for the stock are neutral and S&P gives ONNN a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on ONNN the stock seems like it could be a candidate for an April out-of-the-money bear-call credit spread above the 8 range. [ABR-Seven Summits Strategic Investments NewsBite]

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