Today's further sell-off of GRMN is getting too tough to handle from an options perspective. I sold my GRMN calls this morning and bought some Jan100 puts to collar my long stock position. I plan to probably sell those puts later today; the plan was just to try to stem the losses.
I am only guessing why the stock is down at this point, but Microsoft bought Multimap, one of Great Briton's largest on-line mapping companies to expand its search capabilities. It may be that folks think that MicroSoft will be less likely to buy GRMN, but who knows? (if you do know, then please comment).
Anyway, I have been giving back a lot of my profits on GRMN options because of stock investor mood swings about GRMN's future. Time to do something different when it is not working. No more options in the short term for GRMN. Stock only (and maybe a covered call or two).
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