Garmin Ltd. GRMN shares are trading higher by $3.85 (7 percent) at $54.30 in Wednesday's session.
The catalyst for the rally is a Q4 EPS beat of $0.16 along with a $68 million beat for sales. The company forecasts FY 2017 adjusted EPS at $2.65 and sales at $3.02 billion vs. $2.97 billion estimates.
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After a higher open, it retreated nearly a $1.00 to $53.36 before continuing its move higher. So far, the ensuing rally has taken the issue $55.74. That's just shy of its August 2016 high of $56.19.
Since reaching that elevated level, Garmin's stock has drifted lower but has yet to make a new lows for session. If the issue breaches the session low, there may only be minor support points until the upper-end of Tuesday's range ($51.47).
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