This morning, Abbot Laboratories (ABT: sentiment, chart, options) agreed to acquire Advanced Medical Optics (EYE: sentiment, chart, options) for $22 per share, or approximately $2.8 billion including the assumption of debt.

ABT shares have slipped more than 3% today, but this is hardly a new path. During the past 40 trading sessions, the stock has trailed the S&P 500 Index (SPX) by more than 10%. Furthermore, the equity has lost 18% since its September high and continues to pressured lower by its descending 10-week moving average.

Despite the stock's less-than-stellar price action, short-term option players are optimistically aligned. The stock's Schaeffer's put/call open interest ratio (SOIR) of 0.90 indicates that calls outnumber puts among options slated to expire within 3 months.

Also, Zacks reports that 9 of the 13 brokerage firms rating the stock, give ABT a "buy" or better rating. Additionally, ABT's average 12-month price target of $61, according to Thomson Financial, represents a premium of 22% to Friday's closing price. This bullish configuration leaves the door wide open for downgrades.

In conclusion, followers of ABT should keep an eye on the stock's progress around the 50 level, continued breach of this support level, could spell trouble for the shares. From a contrarian perspective, the bullish sentiment combined with the plunging stock price action has bearish implications.