TomTom shares tank after profit warning

AMSTERDAM (AP) -- Shares in navigation device maker TomTom NV have fallen by 26 percent in Amsterdam Tuesday, after the company cut its 2011 sales and earnings targets, blaming weak demand for its products.By late morning shares were at euro3.62 ($5.18), down from euro4.89 at Monday's close. TomTom has been struggling with cheaper competitors, cell phones, and a saturated consumer market. In addition, it was forced to issue new shares at a depressed level after buying digital mapmaker Tele Atlas for euro2.9 billion in 2008 -- a pyhrric victory in a bidding war with larger rival Garmin Ltd. of the Cayman Islands.The Amsterdam-based TomTom cut full year earnings per share estimates to euro0.30 ($0.43) from euro0.49, and sales to euro1.225 billion from euro1.425 billion after markets closed Monday.