ON Semiconductor leads chips higher as investors await slew of earnings
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Semiconductor stocks moved mostly higher on Monday after strong results and guidance from ON Semiconductor (NASDAQ:ON), while investors awaited several key earnings reports from the industry. 
ON (ON) rose more than 3% after the company said it earned $1.33 per share, excluding one-time items, during the second-quarter, as revenue checked in at $2.09B, even with the year-ago period. 
The company said it had a record in automotive-related revenue, as sales for the segment rose 35% to surpass $1B. Industrial related revenue rose 5% year-over-year to $609.3M.
Analysts were expecting the company to earn $1.21 per share on $2.02B in sales.
Looking ahead, ON (ON) said it expects adjusted earnings to be between $1.21 and $1.35 per share, with revenue between $2.1B and $2.2B.
Both estimates were above Wall Street's forecast, as analysts were expecting the Phoenix, Arizona-based company to earn $1.20 per share, excluding one-time items, on $2.05B in sales.
Qualcomm (NASDAQ:QCOM) shares rose nearly 2% as investment firm Bernstein said the company's upcoming results are likely to show continued smartphone weakness, but there are signs the weakness is abating.
"Smartphones remain very weak (with shipments down ~8% YoY in Jun-Q); however this is a (slight?) improvement over Mar-Q's 15% YoY decline, and the ~1% sequential reduction in shipments was actually a bit above what we saw during the last 2 years so smartphone shipments themselves, while not great, do appear to be improving marginally (or at least getting less bad)," analyst Stacy Rasgon wrote.
San Diego-based Qualcomm (QCOM) is slated to report fiscal third-quarter results on August 2.
Monolithic Power Systems (NASDAQ:MPWR) rose 2.6% ahead of its own quarterly earnings report. A consensus of analysts expects the company to earn $2.81 per share on $440.8M in revenue.
Other semiconductor companies reporting after the close of trading include Lattice Semiconductor (LSCC) and Rambus (RMBS), both of which saw fractional moves to the downside.
Western Digital (WDC) is also slated to report quarterly results after the close of trading on Monday. 
Most other semiconductor stocks in the S&P 500 saw fractional moves on Monday, including AMD (AMD), Nvidia (NVDA) and Micron Technology (MU).
Intel (INTC) shares fell 1.5% despite reporting quarterly results and guidance last week that topped estimates. 
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