ON Semiconductor shares surged during the regular session, primarily driven by the company's announcement late on October 1 that it had revised its acquisition of Synaptics into a $5.7 billion all-cash deal. By replacing the previous all-stock structure, the company eliminated concerns regarding share dilution and received positive feedback from Bank of America, which noted the move would provide a more significant earnings boost. This company-specific catalyst was further bolstered by a broader market rally on October 2, as weaker-than-expected employment data cooled expectations for Federal Reserve rate hikes and lifted the semiconductor sector as a whole.