Excerpt from our Wall Street Breakfast, a one-page summary of the key market-moving and stock-moving stories of the day:
Summary: LG.Philips (NYSE:LPL) reported its second consecutive quarterly loss, citing price weakness and high costs associated with flat panel production as the reason for its 321 billion won ($334.8 million) Q3 loss; it lost 321.5 billion won in Q2. Although the loss wasn't necessarily a surprise, it was a reversal from last year's Q3 in which a 227 billion won profit was achieved. Analysts expect its struggles to continue into early '07. Meanwhile Philips is rumored to be preparing to sell its 32.9% stake, with industry watchers suggesting Sharp (OTCPK:SHCAY) or Matsushita Electric Industrial (NYSE:MC) as possible buyers.
Related links: Reuters: LG.Philips sees Q4 TV panel prices fall slowing • LG.Philips Still Floundering While the Rest of the LCD Market Recovers • LCDs Pushing Plasmas to Sidelines of Flat Panel Market • LCD Market Expectations Too High Going Into the Holiday Season • LCD Market Difficulties Lead AU Optronics to Consolidate, Ease Capacity • Improving Q3 & Q4 Outlook for LCD Makers • LCD Update: Despite Some Good News, Our Bearish Outlook Stands • Conference call transcript: LG.Philips Q2 2006
Potentially impacted stocks and ETFs: AU Optronics (NYSE:AUO), Corning (NYSE:GLW), Sony (NYSE:SNE) and Toshiba (OTCPK:TOSBF)
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