Philips Hits Low on Warning

By TSC Staff ,

Dutch Philips Electronics (PHG) - Get Reportwas down 4.7% in midmorning after hitting a 52-week low of $23.79. The company said it expects the second-quarter to produce significant losses, although the results for the full year would be a small net loss or near break-even.

Philips had already warned that second-quarter sales from its semiconductor business would be down 20% to 25% from the previous period, leading to an operating loss for the unit.

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