ON Semiconductor (ONNN) was up 14.2% in early afternoon after the company announced it was beta testing a new high-speed processor based on silicon germanium.

The material allows speeds of 12 gigabits at a quarter of the cost of its alternative, gallium arsenide, the company said.

In an article in the

Wall Street Journal

Sunday, the company predicted the market for such high-end products would total $7 billion in five years.