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Garmin Sells Off After Apple Launches 'Swim Proof' Apple Watch Series 2

Garmin Ltd. NASDAQ:GRMN, Apple Inc. NASDAQ:AAPL - Garmin Sells Off After Apple Launches 'Swim Proof' Apple Watch Series 2

Shares of Garmin Ltd. GRMN 0.16% traded slightly down on Wednesday afternoon after Apple Inc. AAPL 0.19%’s September event. It seems like the GPS giant slipped on news of the tech behemoth’s new Apple Watch Series 2.

The new smartwatch, Chief Operating Officer Jeff Williams said, offers a suite of new features, including the possibility to contact emergency services instantly and the integration of Nintendo Co., Ltd (ADR) NTDOY 26.91%’s Pokémon Go. However, the feature that seemed to impact Garmin the most was that of the Watch now being “Swim Proof,” meaning that it resists up to 50 meters below water. In addition, the recently presented device includes built-in GPS, which also overlaps with Garmin’s market.

The hardest part was designing a waterproof watch with a speaker, Apple explicated. What the company’s engineers came up with was a mechanism that ejects the water that comes into through speaker.

The Apple Watch Series 2 will debut in stores on September 16 and retail starting at $369. A Nike+ running edition will be launched in October in cooperation with Nike Inc NKE 0.43%.

Another interesting fact about the Apple watch highlighted in Wednesday’s event was that this device’s sales only trail those of Rolex in the global watches market, CEO Tim Cook assured.

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Disclosure: Javier Hasse holds no interest in any of the securities or entities mentioned above.

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