As if poor earnings guidance and a and ensuing 20% plunge in its share price wasn't enough, it seems that Garmin
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has lost its way on another front. According to a report at Gizmodo, the company is delaying the release of its Nuvifone until the "first half of 2009." Apparently, the company's GPS/cellphone is having trouble "meeting some of the carrier specific requirements [and] will take longer than anticipated."
With the smartphone push reaching epic levels following the release of the Apple
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iPhone 3G and the new Blackberry Bold and Thunder by Research in Motion Limited
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, this could be a potentially costly delay for GRMN.
Copyright Schaeffer's Investment Research http://www.schaeffersresearch.com