Friday's Tech Winners & Losers
Updated from 1:54 p.m. EDT with new stock prices
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) can successfully close its purchase of Navteq by gaining approval from European regulators.
GPS-based devices maker Garmin (GRMN) 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) 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) 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). 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), was to lease capacity on the satellite to expand its HDTV offerings, according to a report in Briefing.com.
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