On CNBC's "Fast Money Halftime Report," Jon Najarian spoke about unusually high options activity in Pinduoduo Inc (NASDAQ: PDD). He noticed that options traders were buying the Oct. 21 calls in the name and he decided to follow the trade. He is planning to hold the position for at least a month and he is hoping that the stock is going to trade back to $32.
See Also: Large Option Trader Has High Hopes For Cirrus Earnings
Pete Najarian said options traders were also buying the at the money calls in Sirius XM Holdings Inc (NASDAQ: SIRI). They bought over 12,000 contracts of the Aug. 6 calls for 30 cents. Pete Najarian loves the risk-reward ahead of the earnings report. The company is going to report earnings on July 30 and Najarian sees huge upside potential in case of a good earnings report. He bought the calls and he is going to be long through these earnings.
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