Philips stock sinks 16% on lower full-year guidance, China drags on earnings
Philips (PHG) stock fell more than 16% Monday after the Dutch medical device giant lowered its sales outlook on continued lower demand in China. The company reported revenue of $4.6 billion in the third quarter ending Sept. 30, which missed Wall Street expectations of $4.9 billion. Philips beat on earnings per share by more than…