Ahead of earnings Thursday, what do options traders expect to hear from Merrill Lynch?
I’m seeing a lot of put buying ahead of the earnings report, reveals Pete Najarian. They’re trading at 2 to 3 times normal levels. However, I think they’re more likely protection than anything else.
I don’t expect a huge move in Merrill, adds Jeff Macke. However, I’m not expecting good news either.
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Trader disclosure: On Apr. 15, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (YHOO), (INTC), (MSFT); Finerman Owns (GS); Finerman's Firm And Finerman Own (HD); Finerman's Firm Owns (MO), (MSFT), (PM), (SUN), (TSO), (VLO), (YHOO, (UFS); Finerman's Firm Is Short (SPG), (COF); Najarian Owns (AAPL), (AMR), (BIIB), (CSCO), (MSFT), (TSO), (XLF), (YHOO); Najarian Owns (LEH) Puts; Najarian Owns (WLT) Calls; Najarian Owns A Call Spread In (IBM); Najarian Owns A Call Spread In (INTC); Charles Schwab Is A Sponsor Of "Fast Money"