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Communication chipmaker ON Semiconductor (ONNN) was up 8.6% in midmorning after the company said it will cut 550 manufacturing jobs worldwide, or less than 5% of its work force, to lower manufacturing costs by $100 million annually. The company will eliminate 80 other jobs through attrition.

ON Semiconductor warned in March it would post a per share loss of 13 cents to 15 cents for the first quarter, vs. analysts' expectations of breakeven results.