Pete Najarian: Unusual Activity in Casino Stock
By: Pete Najarian's proprietary heat seeker is flashing again.
This time it's identified unusual action in a casino stock.
"I've been seeing a lot of action in Las Vegas Sands," revealed Najarian on the Fast Money Halftime Report.
And it's bullish.
The OptionMonster thinks current interest is pegged to the stock's recent pullback.
"At the beginning of February LVS was trading above $55 and in a short time it's had a pretty dramatic pullback toward $48," he explained.
It appears options investors think the stock may be oversold.
"The May 50's have been extremely active and now I'm seeing big buying in the May $52.5," Najarian said.
That suggests options investors expect the stock to trade higher – above $52.50 by the 3rd week in May.
"In the option market, big money is looking for upside in this one," Najarian concluded.
Trader disclosure: On February 22, 2013, the following stocks and commodities mentioned or intended to bementioned on CNBC's "Fast Money" were owned by the "FastMoney" traders; Stephen Weiss is long C; Stephen Weiss is long AIG; Stephen Weiss is long BAC; StephenWeiss is long QCOM; Joe Terranova is long VRTS; JoeTerranova is long SJM; Joe Terranova is long MJN; Joe Terranova is long AXP;Joe Terranova is long JPM; Joe Terranova is long DIS; Joe Terranova is long FB;Joe Terranova is long BRKb; Joe Terranova is long GS; Joe Terranova is longSWN; Joe Terranova is long XOM; Joe Terranova is long FLS; Joe Terranova islong KORS; Pete Najarian is long AAPL; PeteNajarian is long BAC CALLS; Pete Najarian is long JPM CALLS; Pete Najarian islong MS CALLS; Pete Najarian is long YHOO; Pete Najarian is long BBRY; PeteNajarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT;Pete Najarian is long PFE; Pete Najarian is long MRK; Pete Najarian is long MRKCALLS; Pete Najarian is long GSK CALLS; Pete Najarian is long JOY CALLS; PeteNajarian is long calls in LVS
