No Good Garmin (GRMN)

Garmin Ltd. GRMN is diving in pre-market trading, losing more than 9% after the GPS manufacturer reported worse than expected earnings, and cut full year guidance. For the quarter, Garmin reported revenues of $692 million and 70 cents per share, far below the $730.2 million and 75 cents Wall Street was expecting. Revenue fell 11% from a year ago. Garmin also cut its full year guidance, saying it now sees revenue of $2.65-$2.75 billion, down from the previous guidance of $2.8-$3 billion. It also cut its earnings per share forecast to $2.70-$2.90 per share, down from $2.75-$3.15 per share. Wall Street was expecting $2.88 billion in revenues and $2.98 a share. The company also said that it is stopping production of its smart phone, as it can't compete effectively in the smart phone market.