Garmin Ltd (NASDAQ:GRMN) shares are up 4.93% to $33.63 per share today as rumors are circulating that say the company could soon be taken over.
The stock is currently in the middle of its range for the day. Shares of GRMN have moved up on takeover rumors,. This is common with Garmin, because the company is largely thought of as a standalone GPS company product company.
Strock resistance levels to watch as potential upside objectives are at $34.08, $34.72, $35.34. Support is currently at $32.48, the 200-day moving average. November 35 and 36 calls are active with total call option volume of 5,600 contracts (554 puts). November option implied volatility for GRMN is at 41, January is at 35. This is compared to its 26-week average of 39 according to Track Data. Large call volume suggests in general that traders are positioning for upside price movement.
Analysts at MKM Partners weighed in on Garmin today and their termination of a deal with Asus. Garmin termination of Asus deal is positive, said the firm. MKM Partners said they believe that Garmin's termination of its collaboration with Asus, which came earlier than the firm had expected, will reduce Garmin's operating expenses. The firm continues to recommend buying Garmin shares.