Philips (PHG) misses on TV weakness

When Jabil (JBL) reported and said displays were soft and guided very weakly in that division, I suggested the weakness was Philips. Looks like I was right.

Philips is exiting the US consumer TV business in September. I would expect this miss will get looked through. GE is likely the bar by which they will be measured and this isn't the same kind of miss. The rest of their businesses seem relatively on plan and they're sticking to their 2010 guidance targets.

I'll use the weakness to get out of the short.