We are buying puts on Garmin (GRMN), as we see competitive pressures building in a very unfriendly consumer environment. GRMN could be at $25 in August after they report earnings around July 30th. If you're uncomfortable with options, you could short GRMN, with a failure target at $48.50, and a profit target of $32.00.
Of course, this information is provided for educational purposes only. You should do your own research before investing in any equity or option.