Google Maps a Gift to Apple: Tech Winners & Losers
NEW YORK (TheStreet) -- Google (GOOG) shares rose 0.53% to $701.28 as the company released its maps app for Apple's (AAPL) iPhone. Earlier this year Apple controversially replaced Google Maps with its own maps app when it released iOS 6.
Apple Maps has been a bit of a black eye for Apple, forcing the company to apologize. Such was the furore over Apple Maps that CEO Tim Cook wrote a public apology on the tech giant's Web site. "At Apple, we strive to make world-class products that deliver the best experience possible to our customers," Cook wrote as part of the letter, adding that Apple Maps fell short of this commitment. "We are extremely sorry for the frustration this has caused our customers and we are doing everything we can to make Maps better."
The maps fiasco ultimately led to the ouster of Apple's head of iOS, Scott Forstall, in a major shakeup.
Google noted on its blog that the new app is a lot better than its predecessor, and Apple's offering. "At the heart of this app is our constantly improving map of the world that includes detailed information for more than 80 million businesses and points of interest," Google wrote on its blog.
Apple shares were lower on not only the Google map news, but also reports that the company has been accused of violating certain patents.
Bloomberg News tweeted that a U.S. court has ruled that Apple's iPhone infringes upon three patents from MobileMedia, a company which owns a slew of technology-related patents.
Apple shares were off 1.88% to $529.11 in Thursday trading.
Facebook (FB) shares jumped 1.04% to $27.87 on rumors the social network would be included in the S&P 500, as Topeka Capital Markets analyst Victor Anthony speculated in a research note.