After reporting weaker-than-expected first-quarter earnings yesterday, Garmin (GRMN: sentiment, chart, options) felt the Street's ire today. To name a few:

However, despite this battering from the Street, the shares of GRMN are actually trading at a 3.4% surplus from yesterday's close - though they still remain repressed by their declining 10-week moving average. That could have something to do with GRMN reps today announcing the company signed a letter of intent to acquire Austria-based Puls Elektronik GmbH and Portugal-based Satsignal Equipamentos de Comunicacoes e de Navegacao both distributors of the firm's satellite navigation equipment. The financial terms of both deals were not disclosed, though reps say the acquisitions are slated to be complete by August 2008, subject to customary closing conditions.

Post-earnings, options traders today seem to have a preference for calls. The stock's May 40 (GQREH) and May 45 (GQREI) calls have seen more than 4,000 contracts combined cross the tape so far today, on combined open interest of approximately 9,500. On the put side, the May 40 (GQRQH) strike also seems to be popular, with roughly 2,400 contracts crossing the tape on open interest of fewer than 10,000. Looking at the bigger picture, near-term options players remain relatively optimistic, as the stock's Schaeffer's put/call open interest ratio of 0.62 ranks in the 32nd annual percentile.