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Options Action: Best Buy

v>With some unusual action in the electronics retailer, Pete Najarian interprets the options story for Best Buy.

Pointing out that the stock has been moving between $35-$40, Pete Najarian saw that although today the stock was moving lower, options traders were buying upside calls, trading at over six times the open interest. Speaking of the August 39 calls, "These are a cheap shot, with only a week to peform, but it's worth taking a look at," Najarian said. He also points out that Goldman Sachs raised the company's price target, which may indicate an upside for the stock.


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Trader disclosure: On Aug. 12th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Najarian Owns (BUCY) And Is Short (BUCY) Calls, Owns (FCX) And (FCX) Puts, Owns (INTC) Call Spread, Owns (MSFT) & Short (MSFT) Calls, Owns (MS) And Is Short (MS) Calls, Owns (MOS) Calls, Owns (PALM) Call Spread, Owns (WMT) Calls, Owns (YHOO) Call Spread; Finerman's Firm Is Short (USO), (IJR), (IYR), (IWM), (MDY), (SPY), Finerman's Firm And Finerman Own (BAC) Preferred Shares, Finerman's Firm Owns (MSFT), (NOK), (PBR), (RIG), (TBT), (WMT) Finerman Owns (RIG), Finerman's Firm And Finerman Own (WFC) Preferred Shares, Finerman's Firm Is Short (WFC); Terranova Owns (AMZN), (MSFT), (POT) Puts, Terranova Works For (VRTS)

Terranova Is Chief Market Strategist Of Virtus Investment Partners, Ltd.
Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO
Virtus Diversifier PHOLIO Owns (IGE)
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Virtus Investment Partners Owns More Than 1% Of (ABD)
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Virtus Investment Partners Owns More Than 1% Of (IGE)
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