This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE! Garmin Needs Directions

Stocks in this article: GRMN XOM NCX

Garmin Trying to Find Its Way After Pulling 2009 Guidance

Shares of Garmin (GRMN) are up more than 11% this morning, despite reporting fourth-quarter profit dropped to 78 cents a share, from $1.39 a share a year earlier.

The navigation-device maker reported revenue fell 14% to $1.05 billion, which was below the street expectations for $1.12 billion. The company reported a drop in its gross margin to 41.1% -- citing a decline in the average selling price of its devices during the holiday season.

Looking ahead, management said it would not provide an outlook for 2009 due to a lack of visibility.

We have avoided shares of Garmin since our early June coverage began, when the stock was trading at $51.34. The company has a 4.94% dividend yield, based on Friday's closing stock price of $15.17.

The stock has technical support at the $10 to $12 price range. If that fails to hold, we could possibly test the all-time lows of $7 per share. If the company can turn things around, we see overhead resistance at the $22 level. We would remain on the sidelines for now.

Garmin is not recommended at this time, holding a Rating of 2.8 out of 5 stars.

Nova Chemical Shares Jump Threefold on Deal News

Nova Chemicals (NCX) shares are up threefold this morning after the chemical company said it has agreed to be acquired by International Petroleum Investment for $6 per share, or about $499.2 million.

Like the rest of the companies in the chemicals sector, Nova Chemicals has been hurt by slumping prices and a weakening demand for plastics. The company recently announced it was cutting 400 jobs worldwide.

1 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs