Options Traders Bullish on This Insurer's Earnings
By: Options traders were buying upside calls in MetLife yesterday ahead of the company's earnings report this afternoon.
The MetLife August 35 calls were purchased in a few very large institutional-sized trades for $0.60 and $0.70 as more than 4,000 contracts changed hands in the first 90 minutes of yesterday's session. The trading, which eclipsed previously established positions, dwarfed the average daily call volume of 206 at that strike, according to OptionMonster's real-time tracking systems.
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MetLife's shares closed the regular session yesterday down 2 percent to $33.28 but rose in after-hours trading. The company, which provides individual insurance, employee benefits, and financial services, is scheduled to release its quarterly results at the closing bell.
Disclosure:
Najarian owns long calls in MET.
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Pete Najarian is a professional investor, CNBC contributor, regular co-host of CNBC's "Fast Money" and co-founder of OptionMonster.com.
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