The market had a nasty open but has since recovered most of the losses as it struggles to break even.
The Dow is down 22 points to 10,904 after touching a low of 10,819. We mentioned the short-term support for the Dow was 10,800 and we bounced right off those levels.
The S&P traded to a low 1,158 and is currently off by 3 points to 1,170. Support is at 1,150 and the index also made a nice bounce off the bottom.
The Nasdaq is slipping 15 points and is at 2,409. The index traded to a low of 2,382 and fell through the 2,400 level which was a little troubling and something we will have to keep an eye on.
We have a lot to cover in our Members Area, but we wanted to talk about Garmin (GRMN, $33.80, down $3.68) real quick. Shares have fallen as much as 15% today after an earnings miss.
We have been telling our subscribers that Garmin would miss earnings for a month and we were right on. The downward spiral in the company’s portable navigation device market continues to slide and we think the company could end up with the same fate as Blockbuster Video.
We have mentioned how Garmin is losing their battle with navigation-enabled smartphones and it showed in their numbers.
The company said 1Q income fell to $37 million, or $0.19 a share, from $49 million, or $0.24 a share, in the year earlier period. Excluding items, earnings would have come in $0.38 a share but Wall Street was expecting $0.42 a share.
We talk about the company a little more in our trade update and specific targets inside the Members Area.