Updated from 1:54 p.m. EDT with new stock prices
Tech stocks tumbled Friday along with the major market indices as investors turned bearish following weak consumer confidence data and poor first-quarter numbers from General Electric (GE - Get Report).
Shares of mapping data supplier Navteq (NVT) fell $3.79, or 5.4%, to $67.18 as investors worried about the state of the navigation devices sector and whether Nokia (NOK - Get Report) can successfully close its purchase of Navteq by gaining approval from European regulators.
GPS-based devices maker Garmin (GRMN - Get Report) shed $1.73, or 3.7%, to $44.83 after an analyst at Oppenheimer cut his financial estimates for the company and downgraded the stock to perform from outperform. Consumers are pushing the purchase of navigation devices down their list, and the pricing of the devices has been under pressure because of increasing competition, wrote Yair Reiner. He reduced his 2008 estimates for Garmin to $3.98 billion in revenue and EPS of $4.03 from $4.44 billion in revenue and EPS of $4.68.Chipmaker AMD (AMD - Get Report) was down 25 cents, or 4%, to $6.02 after the company's chief technology officer stepped down. Phil Hester resigned with no replacement named yet. Dish Network (DISH - Get Report) lost 81 cents, or 2.6%, to $30.82 after the company lost its petition for a rehearing in the U.S. Court of Appeals for the Federal Circuit in Washington, D.C. in its patent dispute with TiVo (TIVO - Get Report). An earlier court ruling said Dish infringed a TiVo patent and awarded $74 million in damages to TiVo. TiVo was up 13 cents, or 1.5%, to $8.91. In addition, SES Americom reported a recently failed launch of its satellite as a total loss, a move that will affect Dish, although Echostar (SATS - Get Report), was to lease capacity on the satellite to expand its HDTV offerings, according to a report in Briefing.com.