Daily Archives: October 28, 2009

Richard Waters

Two years ago, navigation devices of the kind that you find mounted on car dashboards were one of the hot gifts of the holiday season and the stocks of Garmin and TomTom were riding high.

Not any more. Wednesday brought a double-whammy that knocked 21 per cent off shares in TomTom and 16 per cent off Garmin. Of the two pieces of news, it was the second that sounded the more ominous.

First was a warning from TomTom that prices for these devices, which not so long ago commanded a hefty premium, are likely to continue to slide. They dropped 27 per cent in the company’s latest quarter to an average of under 100 euros, and that erosion shows no sign of slowing. Read more