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