- Telenav (NASDAQ:TNAV) is up 14% premarket on robust volume as investors move back into the stock after yesterday's 45% plunge when General Motors (NYSE:GM) announced that it will build Alphabet's (NASDAQ:GOOG) Google apps directly into its vehicles' touchscreen displays, a move investors perceived as a direct threat to Telenav which offers GPS navigation, search, infotainment and mobile advertising on its platforms.
- After the close yesterday, TNAV reiterated its guidance issued a month ago, emphasizing its "strong and ongoing relationship" with GM, adding that it does not expect the latter's announcement to affect its 2020 and 2021 forecasts.
- It is also working with Microsoft to integrate its intelligent connected-car solutions suite into its Connected Vehicle Platform that runs on Azure.