ON Semiconductor slips on heavy volume as chips await Micron results
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ON Semiconductor (NASDAQ:ON) led semiconductor stocks lower on Monday, with the sector seeing modest losses, as the wider industry awaited Micron Technology's (NASDAQ:MU) latest quarterly results.
Shortly after 3 p.m. EST, ON (ON) fell 1%, off its session lows, on higher-than-normal volume. Several other semiconductor stocks, including Nvidia (NVDA), AMD (AMD) and Texas Instruments (TXN), also lost ground, though they too were off their session lows. 
Micron (MU) shares dipped 1% as investors awaited its fiscal second-quarter results, set to be released on Tuesday.
On average, analysts expect Micron (MU) to lose 88 cents per share on $3.71B in revenue.
In recent days, analysts at Cleveland Research and Citi noted that recent pricing weakness in the memory space may hang over the company's quarterly results.
Last week, Citi lowered its estimates on Micron (MU) as analyst Christopher Danely expects a large write-down of inventory.
Separately on Monday, the U.S. Commerce Department asked a number of semiconductor companies to provide revenue and profit projections in an effort to receive funds from the U.S. CHIPs Act.
In a document, the U.S. Commerce Department said the financial statements would be a "critical part" of how the program evaluates programs and assesses their viability, along with economic returns, risks and the size and scope of projects.
In addition, the government agency unveiled a guide on how to build models for the operations of the new facilities and an Excel-based tool to begin the process.
Companies such as Intel (NASDAQ:INTC), Taiwan Semiconductor (TSM), Micron (MU) and Samsung (OTCPK:SSNLF) are expected to vie for the funds. Intel (INTC) shares rose 0.5%, while Taiwan Semiconductor (TSM) lost 1.8%.
Most other semiconductor stocks were modestly lower on Monday, including Analog Devices (ADI), NXP Semiconductor (NXPI), Qorvo (QRVO) and Skyworks Solutions (SWKS).
Earlier this month, ON Semiconductor (ON) announced a long-term supply agreement with BMW for one of its power module technologies.