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 Quote).
Shares of mapping data supplier Navteq(NVT Quote) fell $3.79, or 5.4%, to $67.18 as investors worried about the state of the navigation devices sector and whether Nokia(NOK Quote) can successfully close its purchase of Navteq by gaining approval from European regulators.
GPS-based devices maker Garmin(GRMN Quote) 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. ...
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