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News of Google’s free navigation software, which provides turn-by-turn directions and spoken commands, sent shares of Garmin Ltd. and TomTom N.V. plunging Wednesday. Garmin dropped 16% to $31.59 on the Nasdaq Stock Market while TomTom fell 20% to €8.11 on the Netherlands Stock Exchange. TomTom also Wednesday posted a 47% drop in quarterly profit on steep price declines for its devices.

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