Morning movers: onsemi and Snap jump more than 7%

Today's separate Morning Read covers futures, rates and the calendar, including Palantir's quarter. This brief stays with other individual stocks and uses delayed pre-market quotes captured at 05:35 ET on 4 August 2026.

ON: +7.55% as cash generation and Q3 outlook improve

onsemi reported $1,604 million of Q2 revenue, up 9% year over year. GAAP gross margin was 38.4%, non-GAAP gross margin was 39.3%, and non-GAAP diluted EPS was $0.74. The company also reported $425.4 million of free cash flow, which it described as quadrupling year over year. These are issuer-reported figures; adjusted measures follow management's definitions.

The objective levels are the $80.40 prior close and the $84.84–$86.74 delayed pre-market range. Management's Q3 revenue range is $1,650–$1,750 million, while its AI-data-centre commentary remains forward-looking rather than booked revenue. The main risk is that a strong first reaction outruns realized demand.

SNAP: +7.74% after 19% revenue growth and positive free cash flow

Snap reported Q2 revenue of $1,599 million, up 19% year over year. Net loss narrowed to $164 million from $263 million, adjusted EBITDA rose to $250 million from $41 million, and free cash flow reached $121 million from $24 million. Management also cited 971 million monthly active users. The free-cash-flow and adjusted-EBITDA figures are non-GAAP or management-defined measures and should not be mixed with net income.

The objective levels are the $5.04 prior close and the $5.40–$5.523 delayed pre-market range. The move reflects better reported growth and cash generation, but the company still posted a net loss and advertising demand remains cyclical. The main risk is a rapid reversal if the market discounts the adjusted improvement.

IONQ: +3.86% after a $15 million live-network research plan

IonQ and Chattanooga utility and communications provider EPB announced the Tennessee Quantum Communications Research Center. IonQ committed $15 million over 5 years; EPB will provide a live fibre-network test bed. The partners describe the project as a quantum-memory and networking research facility connected directly to an operational network. That is a confirmed partnership, but the release did not quantify near-term revenue, profit or customer orders.

The objective levels are the $38.85 prior close and the $39.60–$40.8108 delayed pre-market range. Watch for additional technical milestones, staffing detail or commercialization agreements rather than treating the $15 million commitment as sales. The main risk is duration: quantum-memory research may take years before it contributes materially to financial results.

Also on the radar

• PLTR +17.31% at $147.40: the official Q2 release and raised outlook are already analysed in today's Morning Read, so this brief does not duplicate that lead.
• GRAB +4.11% at $3.821: CNBC and Reuters reported raised forecasts, but Grab's current investor feed and SEC file had not posted the result package at the evidence cut; the sub-$5 price and missing primary package keep it radar-only.
• FLNC +6.80% at $15.55: the move was visible on Nasdaq and TradingView, but no current dated catalyst cleared the official-plus-corroboration gate, so no cause is asserted.

What to watch today

• 09:30 ET: compare the opening auction with the delayed snapshot; regular-session liquidity can reset every pre-market gap.
• ON: test the market's reaction to the $1,650–$1,750 million Q3 revenue range and margin commentary, not only the headline move.
• SNAP: separate the 19% revenue growth from adjusted EBITDA, free cash flow and the remaining net loss.
• IONQ: look for concrete research milestones or commercial terms beyond the announced $15 million commitment.
• After the open: rebuild exact listed-option bid, ask, open interest, volume and implied volatility before drawing any wheel conclusion.