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Philips opened 15% down on Wednesday: here’s the catalyst

Philips opened 15% down on Wednesday: here's the catalyst

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Shares of Koninklijke Philips NV (NYSE: PHG) slipped nearly 20% this morning after the health technology company predicted a 40% decline in Q4 core profit. Philips blames supply constraints Philips now forecast roughly $5.57 billion in comparable sales for its fiscal fourth quarter that translates to nearly $0.40 billion lower than its previous estimate.

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