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Stock Market & Financial Investment News

News Breaks
July 8, 2014
05:41 EDTPHGPhilips Healthcare CEO steps down after Q2 EBITA below expectations
Royal Philips announced that it is implementing a new management structure in its Healthcare sector to "improve performance and allow it to respond better to evolving customer demands in a changing health care landscape." In this new model, the Healthcare business groups will report directly to Philips CEO Frans van Houten, thereby removing one management layer. Deborah DiSanzo, CEO of Philips Healthcare, has decided to leave the company to pursue other opportunities. "The performance in our Healthcare sector is disappointing, with second-quarter EBITA expected to be approximately EUR 220 million, while expected Group EBITA of approximately EUR 400 million in the second quarter is in line with current market expectations," said Frans van Houten. "We anticipate, however, EBITA performance in Healthcare to improve in the second half compared to the same period in 2013 as, among others, Cleveland gradually resumes production in the course of the third quarter."
News For PHG From The Last 14 Days
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February 5, 2016
06:53 EDTPHGBlackstone, Onex advance in Philips Lighting auction, Bloomberg reports
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February 3, 2016
08:04 EDTPHGPhilips partners with Validic for connected health service solutions
Philips signed an agreement with Validic, a U.S.-based company that provides a technology platform for connectivity and access to digital health data from clinical and remote-monitoring devices, sensors, fitness equipment, wearables and patient wellness applications. The collaboration with Validic, whose platform reaches approximately 223 million people in 47 countries, will offer Philips opportunities to expand its connected health solutions and applications with third-party device data.
January 29, 2016
05:55 EDTPHGPhilips names Jean Botti as Chief Innovation and Strategy Officer
Royal Philips (PHG) announced the appointment of Jean Botti as Chief Innovation and Strategy Officer as part of the company's strategy to capture a larger portion of the HealthTech opportunities. Jean Botti, who will join Philips as of April 1, 2016 from Airbus Group (EADSY), will become a member of Philips' Executive Committee and will report directly to Philips CEO Frans van Houten. Jean Botti will succeed Jim Andrew, who left Philips in the fourth quarter of 2015 for personal reasons.
January 27, 2016
15:10 EDTPHGEarnings Watch: Western Digital deal update focus of SanDisk report
SanDisk (SNDK) is expected to report fourth quarter earnings after the close on Wednesday, January 27. SanDisk will not hold a conference call to discuss its financial results in light of the pending acquisition by Western Digital (WDC). SanDisk manufactures data storage solutions, including removable and embedded Flash memory and solid-state drives. EXPECTATIONS: Analysts are looking for earnings per share of 89c on revenue of $1.44B. The consensus range is 83c-$1.00 for EPS on revenue of $1.4B-$1.47B, according to First Call. Along with its last earnings report, SanDisk guided to Q4 revenue of $1.4B-$1.475B and a non-GAAP gross margin 40%-43%. LAST QUARTER: On October 21, SanDisk reported third quarter earnings per share of $1.09 and revenue of $1.45B, compared to expectations of 80c and $1.4B, respectively. NEWS: Along with releasing its earnings report, SanDisk announced a definitive agreement under which Western Digital will acquire all of the outstanding shares of SanDisk for a combination of cash and stock that values SanDisk common stock at $86.50 per share, or a total equity value of approximately $19B. If the investment in Western Digital by Unisplendour Corporation closes prior to this acquisition, Western Digital will pay $85.10 per share in cash and 0.0176 shares of Western Digital common stock per share of SanDisk common stock; and if the Unisplendour transaction has not closed or has been terminated, $67.50 in cash and 0.2387 shares of Western Digital common stock per share of SanDisk common stock. The companies said at the time that the transaction is expected to close in the third quarter of 2016. STREET RESEARCH: On December 28, Brean Capital analyst Ananda Baruah said the combined Western Digital-SanDisk company, post an expected merger close in September of this year, can generate FY17 earnings per share of $13-$15. He kept a $150 standalone Western Digital target price and believes that the combined company's shares should trade in a range of $154-$256 post close. On January 6, Pacific Crest analyst Monika Garg called Western Digital her best idea for 2016, stating that the company's pending acquisition of SanDisk "would create a formidable company" and bring significant earnings and cash flow generation. On January 25, CLSA analyst Mark Heller downgraded SanDisk to Underperform due to weakening NAND fundamentals and higher deal risk. The analyst does not believe Western Digital can walk away from the deal due to weakening fundamentals, but is more cautious on Unisplenour's investment in Western Digital. Heller lowered his price target to $70 from $86 on SanDisk shares. The same day, Jefferies analyst James Kisner lowered his estimates for Western Digital and Seagate (STX), citing the weak results and guidance from Nidec and a more conservative approach following the recent selloff in the shares. Western Digital's current valuation fully prices in an "extreme bear case" for the combined Western Digital and SanDisk, Kisner told investors in his research note. The analyst cut his price target for Western Digital to $82 from $95 but kept a Buy rating on the stock. Noting that the Committee on Foreign Investment in the United States would not grant regulatory clearance for Philips (PHG) to sell an 80.1% interest in Lumileds to China's GO Scale Capital, Summit Research analyst Srini Sundararajan said on January 26 that he thinks that the Unisplendour investment in Western Digital is more than likely to be stalled, if not blocked, given the current political climate. However, he also believes Western Digital planned for this contingency and that its deal with SanDisk should still go through. This morning, Citi analyst Stanley Kovler initiated coverage of Western Digital with a Buy rating, as the firm is relatively bullish on the company's acquisition of SanDisk. Conversely, Citi started coverage of Seagate (STX) with a Sell rating, saying that actions it has taken to cope with the decline of the sector "may only help so much." Kovler set an $82 price target on SanDisk, a $53 price target on Western Digital and a $23 price target on Seagate. PRICE ACTION: In afternoon trading, SanDisk rose 0.75% to $64.57 per share. Since October 21, shares of SanDisk have declined about 14%. Since that same day, Western Digital shares are down over 41%.
January 26, 2016
09:18 EDTPHGStereotaxis and Philips sign addendum to their agreement
Stereotaxis announced Stereotaxis and Philips have signed an addendum pursuant to their existing Development and Cooperation Agreement to facilitate development of a new interface between each company's most advanced systems for electrophysiology and interventional cardiology procedures. The new interface will enable interoperability of Stereotaxis' Niobe ES remote magnetic navigation system with the latest version of Philips' cardiovascular X-ray system, Allura Xper FD10. This new interface is expected to be available in major global markets in 2016.
09:02 EDTPHGPhilips says engaged with other parties that have expressed in Lumileds and Auto
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08:59 EDTPHGPhilips says on schedule to be able to complete Lighting seperation in 1H16
Philips said it is on schedule to be able to complete the separation of its Lighting business in the first half of this year. As previously stated, Philips is reviewing all strategic options for Philips Lighting, including an initial public offering and a private sale. Costs related to the separation amounted to EUR 183M in 2015. For 2016, Philips continues to expect separation costs to be EUR 200M to EUR 300M.
08:55 EDTPHGPhilips sees 'modest' comparable sales growth in 2016
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08:52 EDTPHGPhilips reports Q4 net loss EUR 39M vs. income of EUR 134M last year
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