No good news from the GPS maker.
1) Earnings: Excluding one-time gains, Garmin's earnings of 93 cents a share were well short of the $1 figure expected by Wall Street. Revenue of $912 million was way below forecasts of $956 million, and the company slashed full-year guidance to $3.98 billion in revenue from $4.5 billion.
2) New products: Garmin said its hyped Nuvifone launch would be put off until mid-'09, blaming retooling to meet carrier requirements.
At the open, shares were off more than 14 percent at 38.66.
One of the hottest stocks of 2007, Garmin shares have fallen from a peak above 119 last September, before markets began dropping, the auto sector caved, and the consumer started to reconsider spending on pricey new gadgets.