The Consumer Electronics Show begins next week–and it could have a big impact on the shares of Harman International (HAR), as Google (GOOG) and Apple (AAPL) look to make inroads in the auto space.
Agence France-Presse/Getty Images The Wall Street Journal reports on Google and Apple’s plans:
Technology giants Google Inc. and Apple Inc. are about to expand their battle for digital supremacy to a new front: the automobile.
Next week at the Consumer Electronics Show in Las Vegas, Google and German auto maker Audi AG plan to announce that they are working together to develop in-car entertainment and information systems that are based on Google’s Android software, people familiar with the matter said.
Baird’s David Leiker and team explain the impact on Harman International:
Online Wall Street Journal story titled, "Google, Apple Forge Auto Ties" ahead of the Consumer Electronics Show likely increases the volatility of Harman's stock as these details are fleshed out over the next week. We remain firm that Apple/Google are likely to use partners (Harman, for example) to expand their presence in the automotive infotainment space; the story states Google's desire to use other technology partners to establish Android as part of the technology infrastructure of the vehicle.
Shares of Harman have dropped 0.7% to $82.79 today at 9:36 a.m., while Apple has fallen 0.8% to $555.79 and Google is little change at $1118.59.
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