Shares of ON Semiconductor (ONNN)  were down over 3% at $15.12 in the mid-afternoon on heavy trading volume following a downgrade earlier today at Pacific Crest to "sector weight" from "overweight."

Pacific Crest Analyst Michael McConnell downgraded the semiconductor manufacturer and designer after becoming "incrementally more cautious" about Asia supply chain channel checks. McConnell also said there might be increased risk of a correction within the year due to double-ordering by customers.

McConnell recommended holding off on shares of ON for now. He upgraded industry peers Nvidia (NVDA - Get Report) to "sector weight" and Marvell Technology (MRVL - Get Report) to "overweight".

What's Hot On TheStreet

Amazon has some work to do with Whole Foods: Organic grocer Whole Foods (WFM) needs Amazon's (AMZN - Get Report) tech know-how, and it needs it very quickly to slash prices.

TheStreet's Lindsay Rittenhouse went shopping online at Ohio stores to see how Whole Foods stacked up against Walmart Stores Inc. (WMT - Get Report) and rival grocer Kroger (KR - Get Report) . While the results may not be shocking, they show just how much Amazon will have to cut for Whole Foods to be on equal footing with some of its competitors.

The cost of eight everyday food items at Whole Foods, TheStreet found, were nearly double those of the ones at Walmart, but Kroger undercut them both. Whole Foods' basket cost $38.29; Walmart's, $19.86; and Kroger's, $16.58.

With data as shocking as this, it's no wonder Whole Foods founder John Mackey is in love with Amazon.

Tesla's stock is out of control: Tesla Inc. (TSLA - Get Report) shares are expected to have a strong session amid reports Elon Musk's electric car baby may open a new production facility in China. Such a move would avoid tariffs in the world's second-largest economy, but risk the ire of U.S. President Donald Trump's "buy American, hire American" industrial policy, TheStreet's Martin Baccardax reports.

Tesla's market cap is now more than $60 billion and climbing, despite the company continuing to lose money. Ford's (F - Get Report) market clocks in at $44.7 billion, while General Motors (GM - Get Report) stands at $51.9 billion.

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