Garmin (GRMN) had me nervous. I had bought a bunch of stock back at $90 and I was not sure how they perceived their own future with the bidding war for Tele-Atlas.
The market was pissed. Garmin has now passed on the bidding war and the stock is up $18. Looks like the trend is alive and that big money could care less about them buying Tele-Atlas.
Obviously management has some work on their hands to ensure that they keep the data licenses, but all is clear for the moment. I will be lightening up a few shares once again. The landscape is extremely volatile in GPS as Mobile juggernaut Nokia enters the fray and the market worries about potentially obsolete Garmin units .
Amazing the way Nokia has picked themselves off the floor and put a scare into the GPS leaders with their purchase of Navteq (NVT) (my best stock pick of the year )
Disclosure- Long Garmin
One of the reasons they are up, is their NR. They bought maps from NVT aka NOK for the next couple of years. Now they can concentrate on their core business.
Will they be gone in a few years, maybe, but for now, they are in business.
Long NOK and SIRF.
Nice Trade!!!
Heh. If you’re going to link to the earlier story, you might as well link to the followup as well:
http://www.techdirt.com/articles/20071116/105507.shtml
Well played, Garmin…
Heres a great place to buy shares at great prices, starting as low as $1.
Mike – great stuff on the follow-up. thanks