Pete Najarian Sees Unusual Activity In Bank Of America And Macy's

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On CNBC’s “Fast Money Halftime Report,” Pete Najarian spoke about unusually high options activity in Bank of America Corp (NYSE: BAC). He owns the stock and because of the options action on Monday, he decided to buy calls as well. He said the $34 strike, $34.50 strike and $35 strike in the December expiration were very active. The most active were the December $34.50 calls as 17,000 contracts were traded in the first half of the session.

See Also: Option Traders Buying JPMorgan Puts Ahead Of November Jobs Report

The Dec. 6, $15.50 strike calls were active in Macy’s Inc (NYSE: M). Around 7,000 calls were bought in the first half for around 30 cents, explained Najarian. He sees this as a trade because he is not a big fan of the company. He thinks a short squeeze could move the stock higher and he decided to buy these calls.

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