xchg passes along a WiseAndroid piece on the drop in value of Garmin and TomTom shares following Google's announcement yesterday of Google Maps Navigation. "Shares of GPS device makers Garmin and TomTom plummeted... through a combination of their quarterly results and the launch of Google Maps Navigation. Following both low guidance for Garmin's next quarter as well as poor results from TomTom, shares for the two fell 16.4 percent and 20.8 percent respectively and remained low through the entire trading day after news of Google's free, turn-by-turn mapping service became public." Today Lauren Weinstein posted a number of reasons why standalone GPS won't go away any time soon.
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