Garmin Plummets 9% as Apple Unveils New Maps

Shares of Garmin GRMN are seeing much pressure during Monday's trading session after Apple AAPL unveiled its new maps, to replace Google's GOOG maps currently on iOS devices. Today, Apple previewed its iOS 6, introducing over 200 new features to its mobile operating system, and released a beta version to iOS Developer Program members. iOS 6 will be available to iPhone, iPad and iPod touch users this fall as a free software update. New iOS 6 features include the all new Siri-powered Maps app with Apple-designed cartography, turn-by-turn navigation and a new Flyover view. The turn by turn functionality is hurting GPS-makers such as Garmin, since Garmin is a provider of navigation, communication and information devices and applications, which are enabled by GPS technology. Garmin designs, develops, manufactures and markets a diverse family of hand-held, portable and fixed-mount GPS-enabled products and other navigation, communications and information products for the automotive/mobile, outdoor, fitness, marine, and general aviation markets. Currently, shares of Garmin are trading down about 9% at $38.03 per share.