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Stock Market & Financial Investment News

News Breaks
June 30, 2014
05:36 EDTPHGPhilips to combine LED components, Automotive lighting businesses
Royal Philips announced that it will start the process to combine its LED components and Automotive lighting businesses into a stand-alone company within the Philips Group. Philips will explore strategic options to attract capital from third party investors for the business. Philips intends to remain a shareholder and customer of the new company, and will continue the existing innovation collaboration. Sales of the combined businesses were approximately EUR 1.4B in 2013. The CEO of the new company will be Pierre-Yves Lesaicherre, the current CEO of Lumileds. The process to combine Lumileds and Automotive into an integrated business within the Philips Group is expected to be completed in the first half of 2015. Costs associated with setting up the combined business are expected to amount to EUR 30M in the second half of 2014.
News For PHG From The Last 14 Days
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October 24, 2014
10:34 EDTPHGSamsung confirms plans to exit LED lamps, Lighting says
Samsung (SSNLF) confirmed that it is exiting the global LED lamps business, according to industry site Lighting. The publication quotes the company as issuing the following statement: “We have decided to discontinue our LED lamp business in all markets, except Korea, so that we can focus more resources on our core business areas. We will remain active in the LED industry through our LED component business, and continue to provide high-quality products and services to our customers.” Philips’ (PHG) recent decision to split off its lighting division has been blamed, at least in part, on the commoditized nature of the consumer LED lamp market, Lighting added. Shares of Cree (CREE), whose products consist of both LED and traditional lighting systems, are up 1% in early trading following the news of Samsung's plans. Reference Link
October 21, 2014
10:00 EDTPHGOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: AbbVie (ABBV) downgraded to Neutral from Buy at Guggenheim... BHP Billiton (BHP) downgraded to Hold from Buy at Jefferies... Bank of Marin (BMRC) downgraded to Market Perform from Outperform at Keefe Bruyette... Cobalt (CIE) downgraded to Speculative Buy from Buy at Global Hunter... Consolidated Edison (ED) downgraded to Underweight at Morgan Stanley... Deutsche Post (DPSGY) downgraded to Hold from Buy at Deutsche Bank... HCP (HCP) downgraded to Hold from Buy at Jefferies... IBM (IBM) downgraded to Hold from Buy at Evercore... Inland Real Estate (IRC) downgraded to Underperform from Neutral at BofA/Merrill... PerkinElmer (PKI) downgraded to Neutral from Buy at Janney Capital... Philips (PHG) downgraded to Neutral at UBS... QEP Midstream Partners (QEPM) downgraded to Market Perform at Wells Fargo... Rent-A-Center (RCII) downgraded to Market Perform from Outperform at Raymond James... Rhino Resources (RNO) downgraded to Underperform from Market Perform at Raymond James... Universal Forest (UFPI) downgraded to Neutral from Buy at Sterne Agee.
08:18 EDTPHGPhilips downgraded to Neutral at UBS
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08:01 EDTPHGPhilips downgraded to Neutral from Buy at UBS
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October 20, 2014
05:46 EDTPHGPhilips says remains committed to 2016 financial targets
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05:44 EDTPHGPhilips reports Q3 net income EUR (103M) vs. EUR 281M last year
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