Koninklijke Philips N.V. ADR (PHG)

Shares of Koninklijke Philips N.V.NY Reg (PHG) dropped by 7.20% from $18.71 to $18.29 in the trading on Friday October 6, 2023. The reasons why stock PHG is down today is due to the FDA's recommendation for further testing on recalled sleep apnea and respirator devices. The FDA expressed dissatisfaction with Philips' recall handling, citing inadequate risk assessment. Despite a 26% year-to-date increase, the company faces ongoing challenges, including personal injury claims and a Department of Justice investigation, while striving to resolve the recall issue.

PHG's stock fell 6.68% after the company announced a fourth straight drop in order intake on Monday and warned that it expects global market conditions to remain highly uncertain.

https://finance.yahoo.com/news/philips-slightly-raises-2023-outlook-053312489.html