Garmin guided full-year earnings to $2.25 compared to prior guidance of $2.65.
"Given the global economic environment, revenue growth has proven difficult to generate in 2015, while gross margin has been weaker than our forecast due to geographic revenue mix and a competitive pricing environment in certain product categories." — Cliff Pemble, chief executive officer of Garmin in third quarter pre-announcement
Garmin shares are down 13 percent Thursday midday.
Even the best performer in the S&P 500 year-to-date up 108 percent, Netflix, disappointed investors by missing domestic subscriber estimates by 300,000 on Wednesday. Netflix shares fell 8 percent Thursday midday.
Investors are more pessimistic on the economy and the state of the consumer given the pre-announcements and guide downs.
Here is what they said...