Team,

Just bought 2 blocks of GRMN at 63.70.   Be advised that it’s currently in a conference call with analysts as it has reported a stellar quarter.  Beside strong fundamentals, the technicals on the hourly chart looks very oversold– down from an intraday high of 73.29.

 Garmin said that revenue for the fourth quarter nearly doubled to $1.22 billion from the year-ago quarter, with strong holiday demand for the company’s navigation devices. Revenue from North America, Garmin’s largest market, surged 113% to $836 million.   The  device maker posted net income of $307.3 million, or $1.39 a share, a 70% jump from year-ago levels. Excluding items, Garmin said profit increased to $1.31 a share, from 87 cents a year ago. Results handily beat the Thomson Financial average estimate of $1.11 a share.

To hedge my shares, I wrote 200 March strike 65 at 4.10/contract.  “At the money” calls paying a premium of 4.10/contract is not a bad return in little under 4 weeks remaining for March option expiration.

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