Options Action: Garmin

Shares of Garmin -- maker of car-based GPS units - have fallen precipitously since peaking at over $100 per share.

But after switching gears and buying a bicycle tech company, are they headed for another wrong turn?

How should you game this name?

Scott Nations of NationShares suggests playing Garmin with a put spread. He’s a buyer of the Nov. 30 put for 2.00 and seller of the Nov. 27 put for 0.90.

Learn more about this trade. Watch the video now?

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Trader disclosure: On September 28th, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Pete Najarian owns (NETL) call spreads; Pete Najarian owns (CNI); Pete Najarian owns (AMZN); Pete Najarian owns (AKAM) call spreads; Pete Najarian owns (LLNW) call spreads; Pete Najarian owns (NTAP) call spreads; Pete Najarian owns (DD); Pete Najarian owns (NOV); Pete Najarian owns (RRC); Pete Najarian owns (DO); Pete Najarian owns (GDXJ); Adami owns (AGU), (BTU), (NUE), (C), (GS), (INTC), (MSFT); Adami’s wife works at Merck; Terranova Owns (APA), (AAPL), (ARUN), (BMO), (C), (IBM), (HES), (JOYG), (XBI), (FTO), (OXY), (ORCL), (PEP), (POT), (RSH), (SU), (RIG), (UPL), (VRTS); Cortes is short (XLF); Cortes is short (BAC); Cortes is short (LVS); Cortes owns German Treasuries; Cortes is short the British Pound; Cortes is short corn; Weiss owns (JOYG), (BAC), (AKAM), (CSX), (VZ); Weiss is short (SF)

For Joe Terranova
Terranova is chief market strategist of Virtus Investment Partners, LTD.
Virtus Investment Partners own more than 1% of (ABAX)
Virtus Investment Partners own more than 1% of (ALK)
Virtus Investment Partners own more than 1% of (AMKR)
Virtus Investment Partners own more than 1% of (CASS)
Virtus Investment Partners own more than 1% of (CSVI)|
Virtus Investment Partners own more than 1% of (IGE)
Virtus Investment Partners own more than 1% of (LDR)
Virtus Investment Partners own more than 1% of (LPHI)
Virtus Investment Partners own more than 1% of (MGRC)
Virtus Investment Partners own more than 1% of (NRCI)
Virtus Investment Partners own more than 1% of (DBV)
Virtus Investment Partners own more than 1% of (XLB)
Virtus Investment Partners own more than 1% of (XLP)
Virtus Investment Partners own more than 1% of (XLY)
Virtus Investment Partners own more than 1% of (XLF)
Virtus Investment Partners own more than 1% of (XLI)
Virtus Investment Partners own more than 1% of (XLU)
Virtus Investment Partners own more than 1% of (SUBK)
Virtus Investment Partners own more than 1% of (WDFC)
Virtus Investment Partners own more than 1% of (YDNT)
Virtus Investment Partners own more than 1% of (DLUEY)
Virtus Investment Partners own more than 1% of (DRYS)

For Brian Kelly
Accounts managed by Kanundrum Capital own (GLD)|
Accounts managed by Kanundrum Capital own (GDXJ)
Accounts managed by Kanundrum Capital own (ATI)
Accounts managed by Kanundrum Capital own (TIE)
Accounts managed by Kanundrum Capital own (PCL)
Accounts managed by Kanundrum Capital own (LPX)
Accounts managed by Kanundrum Capital own (RAX)
Accounts managed by Kanundrum Capital own (ANDE)
Accounts managed by Kanundrum Capital own (GPRE)
Accounts managed by Kanundrum Capital own (TIP)
Accounts managed by Kanundrum Capital are short (XLF)
Accounts managed by Kanundrum Capital are short (IAI)
Accounts managed by Kanundrum Capital are short (FDX)
Accounts managed by Kanundrum Capital are short (BCS)
Accounts managed by Kanundrum Capital are short (HYG)

For Rich Ilczyszyan
***No Disclosures***

For Carter Worth
***No Disclosures***

For David Sackler
Moab Capital Partners LLC Owns (RGS)

For Scott Nations
***No Disclosures***

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