ON Semiconductor's stock surged by 8.22% following a positive market reaction to its Q2 earnings report and a significant partnership with Volkswagen aimed at enhancing electric vehicle technology. The stock was reported to be up 14% at $80 after earnings were released, despite a gross margin compression of 210 basis points to 45.3%, attributed to lower volume and utilization. The company anticipates Q3 revenue to range between $1.7 billion and $1.8 billion, with a non-GAAP gross margin expected to be between 44.4% and 46.4%. Additionally, Loews Corporation's stock rose by 3.97%, driven by strong Q2 earnings, although specific figures were not disclosed. Market sentiment surrounding semiconductor stocks appears to be shifting positively, as evidenced by ON Semiconductor's performance despite broader market weaknesses.