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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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Category: Tech Earnings, Technology
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One Response to “Philips Electronics Posts Weak Net Earnings; Corning to Lag (GLW)”

  1. Corning Drops 2009 Guidance; How Low Can This Go? (GLW) : Epiphany Investing
    November 20th, 2008 @ 7:43 pm

    [...] peaked, what with dropped guidance, newly-reduced 4th quarter guidance, and sales warnings from major Corning customers Philips NV and [...]

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