1:00pm (EST) Shares of Garmin (GRMN, $27.54, down $3.87) are getting hammered today despite the company reporting better-than-expected earnings.  Third-quarter earnings came in at $1.02 a share, which was well above Wall Street’s estimates of $0.69 and $0.87 a share the company reported last year.  The problem was revenue fell 10% to $781 million, versus expectations of $704 million, but the writing is on the wall.  Garmin will not be able to compete with the free navigation systems out there no matter how much it slashes costs or improves margins. We profiled a Garmin put option trade last Thursday that is off to the races today and yesterday our subscribers closed a similar position in Research In Motion (RIMM, $58.40, down $1.20) for gains of up to 140%!  RIMM fell hard on Monday and we took advantage of the drop to $55.  The stock ran up to $60 yesterday but this is now short-term resistance.   Piper Jaffray came out this morning and maintained a ‘Neutral’ rating on RIMM but lowered its price target from $67 to $63.  Piper seems to be on the same page as us and we are now looking to roll some of our profits over into some December options on RIMM.  Stay tuned… Don’t forget, Piper recently came out with a “Buy” rating on Imax (IMAX, $10.48, down $0.29) which reports earnings before the bell on Thursday. We sent out an 11:30am update earlier this morning for the Current Trades. The Members Area was also updated so everyone should be up to date as we head towards the closing bell.  The Dow is currently up 123 points to 9,894 but we get we will get some Fed news shortly which is expected to keep the target range for its bank lending rate at zero to 0.25%…]]>