Updated from 12:32 p.m. EDT with new stock prices
Garmin's(GRMN Quote) hostile takeover bid for a Dutch mapmaker sent shares sliding, but tech stocks held steady in advance of the Federal Reserve's rate cut decision this afternoon.
Garmin shares slid 10.9% after the GPS device maker bid $3.3 billion for Dutch mapmaker Tele Atlas. The move comes a month after Navteq(NVT Quote) agreed to an $8.1 billion buyout offer from Nokia(NOK Quote), which sent Garmin shares spiraling downward. Shares were losing $13.08 to $107.40 Wednesday.
Akamai (AKAM Quote) was sinking 1.4% after Deutsche Securities cut the digital media distribution stock to a hold from a buy, but upped its price target to $40 from $37. Shares were losing 55 cents to $39.19. ...
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