Tuesday's Winners & Losers: Garmin
Washington Mutual (WM) took a 17% beat down on Monday, but ticked up 6.9% to $6.68.
GPS-based navigation devices maker Garmin (GRMN) fell $2.85, or 5.8%, to $46.74 after Apple showed off location-based services including navigation on the iPhone. Apple's move could hurt demand for Garmin's devices, believe some analysts. Meanwhile, Garmin rival TomTom already has a version of its navigation software running on the iPhone, according to a report by Reuters.
Lehman Brothers (LEH) continued its slide, as analysts digested the recent loss announcements, crunched their models and downgraded the investment bank. The analysts said they expect the company to lose money in 2008 after forecasting its first-ever quarterly loss and slashed estimates accordingly. The stock fell another 6.7% to $27.50.
Shares of Texas Instruments (TXN) were down 89 cents, or 2.8%, to $30.44 after the company tightened its second-quarter revenue and earnings expectations. TI said it expects EPS in the range of 43 cents to 47 cents, compared to its earlier estimate of 42 cents to 48 cents Revenue is likely to range between $3.33 billion and $3.46 billion, compared with its earlier estimate of $3.24 billion to $3.50 billion. Analysts are expecting EPS of 46 cents on revenue of $3.37 billion.CompuCredit (CCRT), an Atlanta-based provider of credit and related services, traded well below its 52-week low Tuesday. A Wall Street Journal report stated that federal regulators may seek more than $100 million in fines and restitution related to deceptive marketing practices. The stock recently fell $2.29, or 26%, to $6.50. Shares of HireRight (HIRE), which provides criminal background checks on prospective employees and analyzes job applicants' breath, urine, hair and saliva, soared to a new 52-week high. HireRight agreed to a $195 million acquisition by U.S. Investigations Services. Shares surged 45% to $15.16.
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