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Pocket GPS World :: View topic - Warning issued on Garmin stock, TomTom cuts 7% of workforce
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Warning issued on Garmin stock, TomTom cuts 7% of workforce

 
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Darren
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Joined: 11/07/2002 14:36:40
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Location: Hampshire, UK

PostPosted: Thu Jan 22, 2009 12:31 pm    Post subject: Warning issued on Garmin stock, TomTom cuts 7% of workforce Reply with quote

pocketgpsworld.comMore bad news for the manufacturers with Oracle Research issuing a 'HOLD' warning on Garmin (GRMN) NASDAQ common stock.

Garmin's stock has declined significantly with its current weakness attributable to the weakness of other manufacturers. TomTom's recent Q4 profit warnings issued earlier this week have further increased uncertainty and falling consumer spend is also hampering recovery.

Meanwhile TomTom announced it was cutting 7% of its workforce world-wide as part of a cost cutting programme. This is separate to the reductions already taking place at TeleAtlas. Further information will be provided when the Q4 2008 financial results are announced in late February.
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StuartStrangeboy
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PostPosted: Thu Jan 22, 2009 5:31 pm    Post subject: Reply with quote

The Garmin stock has been hovering around $16-18 for a few months now but are far less vulnerable than TomTom because Garmin has many other products, also Garmin has no long term debt which is TomTom's main concern and does not make them a good investment.
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Darren
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PostPosted: Thu Jan 22, 2009 5:32 pm    Post subject: Reply with quote

Very true, Garmin have huge cash reserves whereas TomTom have huge debts. However I wouldn't be too concerned about either business even in this climate as they have a proven track record of profit and both continue to dominate the markets.

Investors will if anything be even keener to invest at the current lower share prices.
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gatorguy6996
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PostPosted: Thu Jan 22, 2009 6:21 pm    Post subject: Reply with quote

My two biggest concerns going forward. . . Both companies cutting back on support staff and engineers, and in TomTom's case, a need to sell off TeleAtlas.
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