Shares Of Garmin Ltd. and TomTom N.V. Plunge On Droid Launch-WSJ
The Wall Street Journal reported that Garmin Ltd. and TomTom N.V. plunged after Google Inc. upgraded its smart-phone software to include a free navigation feature. The smart phone to feature Google's new navigation software is the Motorola Inc. Droid, which was unveiled Wednesday. The phone goes on sale November 6 through Verizon Wireless, which plans to aggressively market the device. In a blog post, Google said its new Google Maps Navigation feature provides turn-by-turn directions based on up-to-date maps and business listings from Google Maps. It will be available to other smart phones through a new version of Google's Android operating system. The news sent shares of the companies reeling.