Harman (HAR) Slammed as OEMs Look to Integrate Apple's Siri

June 12, 2012 10:19 AM EDT
Shares of Harman International (NYSE: HAR) are under heavy pressure for the second straight session. The stock is currently down 7.50 percent on top of yesterday's 5 percent drop. The sell-off is directly related to comments from Apple's (Nasdaq: AAPL) developer conference on Monday.

Like Garmin (Nasdaq: GRMN), investor fears that Apple's Siri integration by automotive OEMs will crush Harman.

Harman and Garmin provide audio products and electronic systems primarily in the United States, Germany for the automotive industry. Because of the popularity of the iPhone and other Apple products, car manufacturers have had to continually adapt to make their systems more 'Apple Friendly'. The end result is to integrate Siri into the car directly and Apple will therefore become an OEM to the industry, which will inevitably take a large chunk of business away from companies like HAR and GRMN.

GM (NYSE: GM), Honda (NYSE: HMC) and Toyota (NYSE: TM) have confirmed interest in integrating Apple's Siri voice technology, the company said.

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