Green Mountain (Nasdaq: GMCR) outlook wipes out $3B in market cap

Orlando, FL 5/3/12 (StreetBeat) -- Shares of Green Mountain Coffee Roasters (Nasdaq: GMCR) plunged 40% to $29.95 in opening trades Thursday after the maker of Keurig coffee brewers said it's once fast-paced growth is slowing. Thursday's share drop wiped out $3 billion in the company's market value.

Late Wednesday, Green Mountain slashed its fiscal 2012 outlook and wrote down the value of some inventory on its books due to a slowdown in sales of its K-Cup portion packs and single-cup Keurig brewers. The Vermont company said it's struggling to gauge demand for its products. Green Mountain shares, now trading at a 52-week low, are down 53% over the past 12 months. The stock traded as high as $115 last summer

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