Traders are looking to make some fast money in Pfizer now that the pharmaceutical giant has pulled back to a key support level.
OptionMonster's tracking systems detected unusual activity in the Weekly 29 calls expiring next Friday, Sept. 6, where more than 7,800 contracts were purchased. Volume was almost 12 times higher than the strike's previous open interest, indicating that new positions were initiated. Most of the large blocks fetched $0.07.
These calls lock in the price where shares can be purchased, letting investors cheaply position for a rally. For instance, a gain of barely 3 percent by expiration would more than double the value of the contracts.