Philips Posts Weak Earnings, Joins Clear Channel Outdoor And Other Big Stocks Moving Lower In Monday's Pre-Market Session

U.S. stock futures were higher this morning, with the Nasdaq futures gaining around 100 points on Monday.

Shares of Koninklijke Philips N.V. PHG fell sharply in today's pre-market trading after the company reported third-quarter EPS and sales below estimates and revised its 2024 outlook due to weak demand in China.

On Monday, the company reported third-quarter adjusted EPS of 0.32 euros (or $0.35), missing the consensus of 0.35 euros. The Dutch conglomerate reported sales of 4.38 billion euros ($4.74 billion), down 2% year over year and missing the consensus of 4.54 billion euros.

Koninklijke Philips shares dipped 17.2% to $26.24 in pre-market trading.

Here are some big stocks recording losses in today's pre-market trading session.

• Tevogen Bio Holdings Inc. TVGN shares declined 10.8% to $2.72 after surging 19% on Friday.
• Borr Drilling Limited BORR dipped 6.8% to $4.38 in pre-market trading. Borr Drilling announced pricing of offering of additional 10.375% senior secured notes due 2030 for gross proceeds of $175 million.
• Bowhead Specialty Holdings Inc. BOW shares fell 5.6% to $27.77 in pre-market trading. Bowhead Specialty priced its 4 million common share secondary offering at $29 per share.
• W&T Offshore, Inc. WTI shares fell 5.6% to $2.03 in pre-market trading.
• Clear Channel Outdoor Holdings, Inc. CCO fell 4.3% to $1.5500 in pre-market trading. Clear Channel Outdoor announced the termination of agreement to sell its business in Spain to a subsidiary of JCDecaux following regulatory review.
• Obsidian Energy Ltd. OBE fell 2.9% to $5.74 in pre-market trading. OBSIDIAN ENERGY will release third quarter 2024 financial and operational results before the markets open on Thursday, Oct. 31.

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