Garmin shares fall as report says US market share is dropping

Garmin shares fell by almost 10% earlier this week after a report from Banc of America and Morgan Stanley suggested that the market share for the sat nav manufacturer had dropped in November.

Garmin had reportedly lost ground to TomTom and Magellan, dropping from 47% to 29%.

However, Garmin defended the drop in relative sales saying that they offer much lower 'Black Friday' discounts than their rivals and hence would expect the share to rise again in December.

Meanwhile, TomTom shares rose to an all-time high on the news.

"The growth we had in the third quarter, that trend has continued," TomTom Chief Executive Officer Harold Goddijn said on December 12 at his new headquarters in Amsterdam.