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June 30, 2014
07:01 EDTGRMNGarmin completes acquisition of Fusion Electronics
Garmin announced that it has completed the acquisition of Fusion Electronics and its subsidiaries. Based in Auckland, New Zealand, the new company will be known as Garmin New Zealand, a wholly owned subsidiary of Garmin, and will operate as “Fusion Entertainment.” Substantially, all the Fusion product line will remain available, as will support for the company’s existing products. Fusion Entertainment will continue to support all Fusion-Link partners accordingly. Financial terms of the acquisition will not be released.
News For GRMN From The Last 14 Days
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July 16, 2015
18:26 EDTGRMNXiaomi VP says 'absolutely' coming to U.S., Bloomberg TV says
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12:12 EDTGRMNOn The Fly: Top stock stories at midday
Stocks began the session in positive territory after Greece's Parliament approved austerity measures that should pave the way for the country to receive a new bailout package. With earnings season gaining steam and the situations in Greece and China appearing more stable in recent days, the S&P and Nasdaq are back within striking distance of their all-time highs. ECONOMIC EVENTS: In the U.S., initial jobless claims dropped to 281,000 in the week ended July 11, versus expectations for 285,000 first-time claims. The NAHB homebuilder sentiment index for July came in at 60, a point better than forecast. The Philly Fed business outlook index dropped 9.5 points to 5.7 in July, falling short of the 12.0 reading that was expected. In Europe, Greek lawmakers passed the country's austerity agreement and Euro-area finance ministers also reportedly agreed in principle to extend a $7.6B bridge loan to Greece. The loan, which will come from the European Financial Stabilization Mechanism, should help keep Greece afloat while Prime Minister Alexis Tsipras negotiates the details of the country's three-year bailout. COMPANY NEWS: Netflix (NFLX) rallied 16% and hit a split-adjusted all-time high of $114.45 per share after the streaming service operator reported stronger than expected second quarter results, including higher than expected Q2 subscriber metrics, prompting a large number of research firms to raise their price targets on the stock... The third-largest U.S. bank, Citigroup (C), posted second quarter profit, excluding adjustments and one-time items, of $1.45 per share, beating the $1.34 average estimate of analysts. Goldman Sachs (GS) reported Q2 earnings per share of $1.98, which fell far short of the consensus forecast of $3.89. However, the firm recorded $1.45B in net provisions for litigation and regulatory matters, which reduced EPS for the quarter by $2.77. Goldman Chairman and CEO Lloyd Blankfein said the bank was "pleased" with its quarterly performance, adding that while "uncertainty in the EU" weighed on investors’ conviction, many of its businesses continued to benefit from generally improving economic conditions. Citi shares rose 3.5% following its report, while Goldman shares slipped a bit more than 1.5%... eBay (EBAY), which is set to split from PayPal (PYPL) in just a few days, reported better than expected earnings for the still-combined company. eBay also announced an additional $1B stock repurchase authorization, bringing its total buyback allowance to $3B, and confirmed it reached a deal to sell eBay Enterprise to a consortium consisting of Sterling Partners, Permira Funds and others for $925M. MAJOR MOVERS: Among the notable gainers was Amira Nature Foods (ANFI), which advanced 16% after the company reported earnings and said it sees "double-digit" revenue growth in its new fiscal year. Also higher was Philip Morris (PM), which gained 3% after reporting better than expected earnings and revenue, excluding certain items. Among the noteworthy losers was Rovi (ROVI), which dropped 16.5% after Netflix was granted a motion of summary judgment invalidating all five of the remaining Rovi patents that were being contested in litigation between the companies. Also lower was Garmin (GRMN), which fell 9% after reporting preliminary Q2 earnings that fell short of expectations, citing the negative impact of currency movements and a "more promotional pricing environment" in the fitness segment. INDEXES: Near midday, the Dow was up 35.47, or 0.2%, to 18,085.64, the Nasdaq was up 54.08, or 1.06%, to 5,153.02, and the S&P 500 was up 14.10, or 0.67%, to 2,121.50.
11:36 EDTGRMNGarmin sinks to 52-week low after cutting FY15 profit outlook
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10:04 EDTGRMNHigh option volume stocks
09:35 EDTGRMNGarmin falls sharply, levels to watch
The stock is down over 9.7% at time of writing to $41.76. At that price the session low at $41.19 is support, followed by $40.77. Resistance is at $42.84.
09:08 EDTGRMNOn The Fly: Pre-market Movers
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07:37 EDTGRMNGarmin price target lowered to $35 from $42 at Citi
Citi lowered its price target for Garmin shares to $35 and reiterates a Sell rating on the name after the company negatively preannounced Q2 results. Citi attributes the miss to weak Fitness sales and operating margin, and thinks its bear thesis on shares is now more likely.
07:08 EDTGRMNGarmin Team X introduces new GPS, autopilot control technology
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July 15, 2015
20:14 EDTGRMNGarmin lowers FY15 pro forma EPS view to $2.65 from $3.10, consensus $3.06
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20:12 EDTGRMNGarmin reports preliminary Q2 EPS 70c-72c, consensus 91c
Reports preliminary Q2 revenue $770M-$775M, consensus $773.11M. Reports Q2 gross margins 54%. The year-over-year decline was driven primarily by currency movements negatively impacting sales by $55M-60M year-over-year on a constant currency basis across all consumer segments and a more promotional pricing environment in the fitness segment. Q2 operating margin is expected to be approximately 21.5%. Garmin expects to report Q2 revenue growth in the fitness segment of approximately 5%. The sequential slowdown in fitness revenue growth resulted primarily from the strong channel fill in Q2 of 2014.
12:21 EDTGRMNJohnson Outdoors, Humminbird receive favorable ITC ruling against Garmin
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July 14, 2015
07:01 EDTGRMNGarmin says to appeal ITC judgment
Garmin International, a subsidiary of Garmin Ltd (GRMN), announced that an Administrative Law Judge at the International Trade Commission made an initial determination in the investigation brought by Johnson Outdoors (JOUT) against Garmin. The ALJ’s initial determination concluded that Garmin’s first generation of SideVü sonar products were too similar to some claims of one of the three patents asserted by Johnson Outdoors. The initial determination found no violation with respect to the two other patents. While Garmin disagrees that there is any violation and will seek review by the ITC, Garmin is developing improvements to its current SideVü sonar products. These improvements include changes that eliminate the configuration at issue in the ITC investigation. Garmin expects these products to be in the marketplace before any ITC final determination becomes effective. “Garmin disagrees with the ALJ’s initial determination as we believe Garmin’s current SideVü products are not covered by any valid Johnson Outdoors patent,” said Andrew Etkind, Garmin’s vice president and general counsel. “Nevertheless, even if affirmed by the ITC, we do not expect the ruling to have any impact on Garmin customers or products. Garmin already has improvements under development that eliminate this point of contention in our sonar products. Any ruling will have no impact on Garmin products already purchased by our customers and dealers.”
July 13, 2015
09:11 EDTGRMNOn The Fly: Pre-market Movers
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