Scott Nations said that he wants to buy some protection in Garmin Ltd. GRMN, because he thinks that this company doesn't have a clear concept. Garmin (GRMN) had a bad attempt of entering smart phone business, and its latest move is a purchase of a bicycle tech company.
A purchase of a put spread is a strategy that Scott Nations wants to try in order to get some protection against a downturn in Garmin (GRMN) shares.
Specifically, he wants to buy the November 30 put for $2.00, and sell the November 27 put for $0.90. This trading structure would cost him $1.10.
Garmin closed at $30.68 on Tuesday, without a change in price.
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