Garmin takes a wrong turn

Garmin Ltd, the largest domestic producer of navigation devices, cut its profit and sales forecasts for this year, blaming slower than expected growth and cost-conscious consumers for its modified outlook.

Although the company reported a 23 percent increase in revenues and higher second quarter profits versus the same quarter last year, Garmin’s financials fell short of expectations.

Garmin’s announcement also included the second delay in the launch of its new smartphone called the Nuvifone.  The Nuvifone is Garmin’s first product that will allow customers to make calls, browse the Internet and use GPS technology.

This morning, shares of Garmin headed south to a 52-week low and have lost over 17 percent heading into the second half of today’s session.