Friday's Tech Winners & Losers
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) - Get Report
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
. 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
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
.