Googles New Mobile App Cuts Garmin, TomTom at the Knees

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.Complete Story »

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