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-$3.03 (-0.53%)
01:25AM (15 mins delay)
Oct 28, 2009 - 4:00 PM EDT
Erick Schonfeld submits:
Google (GOOG) released a new mobile navigation app Wednesday and GPS navigation companies such as Garmin (GRMN) and TomTom saw their shares take a plunge. The announcement shaved $1.2 billion off of Garmin’s market cap alone. Its shares are down more than 16 percent so far Wednesday to $31.60. TomTom’s shares are down 21 percent to $8.11.
Source: Seeking Alpha (Oct 28, 2009 - 4:00 PM EDT)
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