Filed under: Major movement, Earnings reports, Bad news, Options, Technical Analysis, Garmin Ltd (GRMN)

Garmin Ltd. (NASDAQ: GRMN) stock is falling lower today on news that SiRF Technology (NASDAQ: SIRF), whose chips are used in GRMN’s personal navigation devices, reported a fourth-quarter profit that missed analyst expectations. SIRF earned 8 cents a share excluding one-time items in the quarter, well below analyst estimates of 32 cents a share. SIRF blamed a seasonal decline in demand for the disappointing profit, which could be a bad sign for GRMN. If you think this stock won’t be rising too far in the coming months, then it could be a good time to look at a bearish hedged play on GRMN.

After hitting a one-year low of $50.01 in March, the stock hit a one-year high of $125.68 in October. This morning, GRMN opened at $65.96. So far today the stock has hit a low of $64.26 and a high of $66.23. As of 11:00, GRMN is trading at $65.00, down $4.66 (-6.7%). The chart for GRMN looks bearish but improving slightly, while S&P gives the stock a positive 4 STARS (out of 5) buy rating.

Continue reading Garmin (GRMN) way lower on poor SIRF earnings

Permalink | Email this | Comments

Share This

This entry was posted on Tuesday, February 5th, 2008 at 10:59 pm and is filed under Stocks Money News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.