Google’s New Mobile App Cuts GPS Nav Companies At The Knees

Google released a new mobile navigation app today and GPS navigation companies such as Garmin 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 today to $31.60. TomTom's shares are down 21 percent to $8.11. And this is just for an Android app. But Google could very well make it available to other phones as well, and that is what has investors worried. GPS navigation apps are among the most expensive, and most lucrative, of all mobile ap