How did ON's Q4 2024 earnings surprise impact investor sentiment?

ON Semiconductor's Q4 2024 earnings miss and weak guidance had a negative impact on investor sentiment, as evidenced by the company's stock price reaction and analyst revisions:

1. **Stock Price Reaction**: Following the earnings release, ON Semiconductor's stock experienced a significant decline, tumbling 8.68% in pre-market trading. This negative reaction is a clear indicator of investor disappointment and sentiment deterioration.
2. **Analyst Revisions**: The consensus EPS estimate for the quarter had been revised 3.72% lower over the last 30 days, reflecting a broader sentiment of skepticism among analysts. This revision likely contributed to the bearish sentiment among investors.
3. **Investor Sentiment**: The combination of the earnings miss and the cautious outlook for the first quarter of 2025 likely led to a decrease in investor confidence. Investors may have become more cautious about the company's prospects, especially given the broader market volatility and the potential impact of prolonged automotive chip market weakness on ON Semiconductor's future performance.

In conclusion, ON Semiconductor's Q4 2024 earnings miss and subsequent guidance concerns have likely led to a negative sentiment among investors, manifesting in a decline in stock price and revisions in analysts' estimates.