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Gildan Activewear Inc. shares were down almost 30% Tuesday afternoon after the company reduced its earnings outlook.

Gildan adjusted down its second quarter diluted earnings per share forecast from $0.42 to $0.35. For the full 2008 fiscal year, the company said it is now projecting adjusted diluted EPS of $1.45 - $1.50 compared with its most recent EPS guidance, updated in January, of $1.85 - $1.90.