Philips Electronics Posts Weak Net Earnings; Corning to Lag (GLW)
Posted on | October 13, 2008 Time: 9:39 am |
For the most part, Asian and European markets are markedly higher this morning. Shanghai index was up 3.5% and the Hang Seng surged over 10%. Again, these gains are all relative, and coming off much smaller bases.
Philips NV however reported a sharp miss in revenues for the 3rd quarter, noting weakness in TV sales. This has Philips shares down 6% and will probably weigh in Corning (GLW) later today.
Corning is one of my few direct exposures to the consumer, so I am left hoping that the 60% share cut in 2008 represents a good risk/reward opportunity. I am holding firm in my thought that secular trends towards a massive turnover in big-screen (read: big glass) TVs will hold up, albeit at a much slower pace than the 25-35% market growth expected at the outset of the year.
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