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Garmin Trying to Find Its Way After Pulling 2009 Guidance
Shares of Garmin(GRMN Quote) are up more than 11% this morning, despite reporting fourth-quarter profit dropped to 78 cents a share, from $1.39 a share a year earlier.
The navigation-device maker reported revenue fell 14% to $1.05 billion, which was below the street expectations for $1.12 billion. The company reported a drop in its gross margin to 41.1% -- citing a decline in the average selling price of its devices during the holiday season. ...
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