Tech and Market Highlights: On Semiconductor Soars, Teslas Steady Growth, and More

1. On Semiconductor (Nasdaq: ON)
On Semiconductor surged by 11.54%. On Semiconductor reported second-quarter fiscal 2024 results, with adjusted EPS of $0.96 surpassing analyst expectations of $0.92. Susquehanna maintains a positive rating with a $95.00 price target, while Citigroup downgraded the stock to neutral, setting a $77.00 price target.

2. Resmed (NYSE: RMD)
Resmed gained solidly by 5.85%. ResMed reported Q3 2024 revenue of $3.462 billion, up 11.65% year-over-year, with a net profit of $729 million. RBC Capital maintains Sector Perform on ResMed with a $204 target. Oppenheimer and Citigroup downgraded ResMed to Perform and Neutral, respectively. Insider transactions were disclosed in July.

3. Tesla (Nasdaq: TSLA)
Tesla gained solidly by 5.6%. Tesla released its mid-2024 report, showing a revenue of $46.801 billion, down 3.02% year-on-year, and a net profit of $26 billion. Morgan Stanley reiterated an Overweight rating with a $310 price target. Tesla may reapply for insurance brokerage registration in China.

4. Mcdonald'S (NYSE: MCD)
Mcdonald'S gained solidly by 3.76%. TD Cowen reiterates buy rating for McDonald's with a target price of $285. Wedbush maintains outperform rating with a target of $295. McDonald's Q2 2024 revenue dropped to $64.9 billion from last year's $65 billion, marking the first decline since 2020.

5. Alibaba Group Holding Limited (NYSE: BABA)
Alibaba Group Holding Limited gained mildly by 2.76%. Chinese companies are seizing new opportunities amid the Paris Olympics. Ctrip reported a 114% YOY increase in travel orders for Paris. Alibaba's presence is prominent at the games, with significant advertising visibility and exports through Alibaba International Station. Jefferies maintains a "buy" rating for Alibaba.