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Can Garmin Locate Apple?

Always love to talk a good tech trade, and one stock that appears to be grabbing options traders' interest today is Garmin , the maker of those nifty navigation devices. In an otherwise volatile and desultory day for stocks, investors bought nearly 10,000 contracts of the April 22.5 and 25 strike calls, nearly five times the average daily volume for Garmin calls, in a decidedly bullish bet on the company.

The most notable event in April is earnings, but that isn't until April 29th, which would come after expiration, so today's call buying would most likely not be related to that. There is the outside possibility that the bullish posturing in the options market could be in the hopes of a preannouncement, but company observers discount that. "Garmin does not have a history of constantly pre-releasing, so I think that is a stretch," said Stacey Gilbert, market strategist at Susquehanna and star of "Options Action."

One possibility that some are hoping for: an Apple hook-up.

"With Garmin, there's consumer risk and the technological risk," said John Bright, who rates the company a "Market perform" for Avondale Partners, and wrote about such a possibility last week. "There's not much they can do about the consumer. But If they were able to make significant progress getting their technology on the iPhone, that could provide a nice catalyst for the stock."

Questions, comments send them to us at: optionsaction@cnbc.com

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    Melissa Lee is the host of CNBC's “Fast Money” and “Options Action.”

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