Palm Beach, FL 6/12/12 (StreetBeat) – Shares of Harman International Industries Inc (NYSE:HAR) fell as much as 10 percent on Tuesday after Apple Inc (Nasdaq:AAPL) announced plans to tie-up with automakers to offer real-time traffic updates and turn-by-turn navigation.
Harman, known for its audio devices, also makes car navigation products for luxury car makers such as Volkswagen AG's Audi and Daimler's Mercedes. Both Harman and car navigation system maker Garmin Inc (Nasdaq:GRMN) were down in trading on Monday, following Apple's announcement.
On Monday, Apple said it will enter the auto navigation space by integrating its Siri voice application into the car entertainment systems.
In January, J D Power and Associates ranked Harman as the top supplier of auto navigation systems among companies which provide factory installed systems.
Harman shares were down 6 percent on Tuesday on the New York Stock Exchange, adding to its 5 percent fall on Monday. Garmin, which fell 9 percent on Monday, were up 3 percent on Tuesday on the Nasdaq.
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