Harman slashed their earnings expectation for the quarter from $4.14 to $3-$3.10. The lowered forecast was cited as a result of increased pricing pressure on in-car GPS devices.
Shares of Harman International Industries Inc. declined in the early trading hours following a report which stated that the private-equity buyers, who had previously agreed to buy Harman for $8 billion are having second thoughts about the deal. The report stated that the buyers were concerned about the performance of Harman and may try to renegotiate the price or try to back out of the deal altogether.