Warning issued on Garmin stock, TomTom cuts 7% of workforce
Date: Thursday, January 22 @ 12:30:26 UTC
Topic:
More 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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