Apple gained $4.02, or 2.2% to $185.63, the day after WWDC where they announced the 3G iPhone for half the price of the original cost. The iPhone is now price at only $199. They also demoed some location-based services for the iPhone, which may have hurt GPS device maker, Garmin. Garmin’s stock fell 2.85, or 5.8%, to $46.74, and may have been due to the iPhone’s new navigation features and the App Store. The iPhone SDK opens possibilities to these companies, or anyone, to create GPS applications on the iPhone. Garmin competitor TomTom has already jumped on board and created a navigation app for the iPhone that, “runs on the iPhone already.” Apple’s iPhone could hurt sales of car-based GPS devices in the long-run.
Via [The Street]