pre market..be atention please
In earnings news, Garmin Ltd. (GRMN) reported fourth-quarter adjusted earnings of $1.43 per share, as revenue climbed to $1.06 billion. Wall Street was looking for earnings of 96 cents per share on revenue of $961 million. Looking ahead, Garmin expects 2010 adjusted earnings of $2.75 per share to $3.15 per share, ahead of the Wall Street forecast of $2.69 per share. Pessimism was heavy on GRMN ahead of its quarterly report, as its Schaeffer's put/call open interest ratio (SOIR) of 1.69 arrives just two percentage points shy of an annual high, while more than 18% of its float has been sold short. Despite the negativity and the better-than-expected report, GRMN shares are off about 0.15% in pre-market activity.
Finally, Toll Brothers Inc. (TOL) reported a first-quarter loss of $40.8 million, or 25 cents per share, as revenue fell to $326.7 million. "A year ago at this time, we feared for the stability of the nation's economic system. That worry seems to be behind us," Chairman and Chief Executive Robert I. Toll said in a statement. The housing market "is still in choppy waters but the seas are getting calmer," he said. Bearish sentiment was at a premium among options traders prior to TOL's quarterly report, as the stock's SOIR of 1.92 arrives at an annual peak. Furthermore, short interest accounts for more than 9% of TOL's total float. These bears may be scrambling for the exits today, as TOL shares are up more than 8% heading into the open.