This is the dumbest thing I have seen from Wall Street in a month. GRMN is down almost 10% this morning (as of this writing) because of a heavily reported rumor that Nokia is in talks with Navteq. I'm sorry, but Garmin was not going to be in a position to buy Navteq and the fit between the two would not have been perfect.Garmin's focus is the GPS hardware that we all love and use. Navteq's focus is the content used by consumers on GPS systems. They meet in the middle on software and they can, and probably will, communicate and collaborate in the future. I didn't buy Garmin because they had an opportunity to buy Navteq and failed too (which appears to be why folks are selling). I bought them because I expect blow out earnings this year.
The market is giving us a gift and I am buying GRMN hand over fist today. I doubled down on stock at $105.50 and added calls at $107 after seeing a little bounce from the pre-morning low.
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