U.S. Department of Health cancelled an order for 43,000 hospital ventilators, leading it to cut its 2020 earnings outlook. Philips was one of several companies contracted by the U.S. to supply more than 187,000 ventilators. "The reduction in our ventilator deliveries to HHS will impact Philips’ financial performance, but we continue to expect to return to growth and improved profitability in the second half of the year, starting in the third quarter," Frans van Houten, Philips chief executive, said.

Source: Tradingview.com