Synaptics (SYNA: sentiment, chart, options) announced fiscal third-quarter earnings of $3 million, or 12 cents per share, compared to year-ago earnings of $5.6 million, or 20 cents per share. Sales during the quarter jumped 23% to $78.9 million. Excluding items, earnings would have come in at $8.8 million, or 35 cents per share. The Street had predicted a profit of 30 cents per share on $78.1 million in sales.

Despite the stronger-than-expected earnings, the shares are poised to gap lower this morning, as they are currently trading down 7% in pre-market action. This follows yesterday's gain of 6.7%. The stock has rallied from its March low of $22.03 along the support of its 10-day moving average and has climbed above resistance at its 20-week trendline.

Pessimism has grown toward the shares. The Schaeffer's put/call open interest ratio has risen from 0.38 on April 22 to its current reading of 0.62. During this time frame, call open interest among short-term options increased by 28% while put open interest swelled by 108%.