Garmin (GRMN) Shares Tumble as TomTom Offers Weak Guidance
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Shares of Garmin (Nasdaq: GRMN) have turned negative in mid-day trade following an update from Netherland's TomTom.
The company says the consumer electronics space has been weak over the last several weeks. TomTom now sees Q2 sales in the range of €300-€310 million, FY11 sales of €1.225-€1.275 billion on EPS of €0.25-€0.30.
Garmin shares are now down about 6 percent to $31.44.
The company says the consumer electronics space has been weak over the last several weeks. TomTom now sees Q2 sales in the range of €300-€310 million, FY11 sales of €1.225-€1.275 billion on EPS of €0.25-€0.30.
Garmin shares are now down about 6 percent to $31.44.
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