ON Semiconductor Gains 8% on S&P 500 Addition

© Reuters. ON Semiconductor (ON) Gains 8% on S&P 500 Addition

ON Semiconductor Corporation (NASDAQ:) is gaining 8% in pre-open trading Monday after being added to the .

ON will replace IPG Photonics Corp. (NASDAQ:) in the S&P 500.

The change will be effective prior to the open of trading on Tuesday, June 21, (post-close on Friday, June 17) to coincide with the quarterly rebalance.

ON Semiconductor is a semiconductor company focused on automotive and industrial end markets.