Bad news is good news for Philips stock.(Stock focus: Royal Philips Electronics N.V. (NYSE-PHG))(Brief Article)
Multichannel News, February, 2005
ROYAL PHILIPS ELECTRONICS N.V. (NYSE--PHG)
Investors apparently saw a buying opportunity in Philips Electronics last week, driving shares in the Dutch electronics maker up 10% ($2.40) despite sluggish fourthquarter results.
Philips reported a 17% drop in earnings on Jan. 27, mainly due to a one-time charge for its MediQuist unit, and said it remains cautious for the first half of the year.
Earnings for the quarter were 498 million euros, down from the 598 million-euro profit in the same period last year. But the loss reflected a 576 million-euro impairment charge for MediQuist. Philips wrote down its 71% interest in the U.S.-based medical transcription company in November, after MediQuist said its earnings reports for the past several...
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