Philips Electronics NV chairman Jan Timmer was in robust form after the company announced its dismal second quarter figures yesterday (see page seven): Don’t listen to doomsday-charlies, Reuter quotes him saying at an impromptu 15-minute briefing following the news conference – Anybody with any knowledge of the consumer electronics industry can only conclude that it is disappointing, but it is not way out of line with the competition, Timmer said; the already weak shares fell by 0.90 guilders to 24.20 on the Amsterdam stock exchange in response to the result but I didn’t come here thinking the shares would rise five guilders on what I had to say, Timmer commented; he also accused stock market analysts and the market of overreacting to recent bad news, saying that it is overdone and that the company’s shares are now clearly undervalued.
