After the close, trendy rubber-footwear manufacturer Crocs (CROX: sentiment, chart, options) reported second-quarter net profit of $2.1 million, or 3 cents per share, down from $48.5 million, or 58 cents per share, a year earlier. Analysts were looking for a profit of 5 cents per share. Revenue fell to $222.8 million from $224.3 million last year. Looking ahead, CROX expects third-quarter earnings of 1 to 5 cents per share, with 2008 earnings projected to arrive flat.

Heading into the report, CROX saw a spike in call volume on the International Securities Exchange (ISE), with the call/put ratio on the exchange arriving at 4.30 - or more than 4 calls changing hands for every 1 put. In today's trading, the August 5 call was extremely popular, with more than 5,200 contracts changing hands on open interest of 8,070. Comparatively, put volume was light, with only 931 contracts changing hands at the August 4 strike.

These elevated expectations among options traders are being reflected in the stock's after-hours trading performance. At last check, CROX was off more 6% - treading water near potential support at the 4 level. The shares have been squeezed into this support level since July 28, with overhead resistance building at their declining 10-day moving average. If tonight's selling pressure carries over into the open tomorrow, we could see CROX finally breach the 4 level and head lower.