Pete Najarian has spotted unusual options activity in Energy Conversion Devices.
There was heavy activity all week in the September calls and then the company confirmed its CFO had pulled out of a conference sponsored by ThinkEquity, Najarian explains.
According to the company the decision to pull out was strictly due to a scheduling conflict.
However, the stock has soared nearly 25% over the past five days due to market speculation that ENER may be in takeover talks; to be acquired by Applied Materials.
Earlier in the week Pete's brother Jon Najarian was skeptical about the deal chatter.
“(Although) Applied Materialshas moved aggressively into the solar space to spur growth, I doubt that Applied Materials is a buyer of Energy Conversion Devices, but stranger things have happened,” he wrote on the website OptionMonster.
Pete says keep and eye on it.
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Trader disclosure: On Sept. 11th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Najarian Is Long Apple (AAPL): Najarian Is Long Bank of America Stock, Short Calls: Najarian Is Long Citigroup Calls: Najarian Is Long Discovery Financials Calls: Najarian Is Long (ENER):Najarian Is Long (FCX), Short Calls:Najarian Is Long (JPM) Stock, And Puts; Najarian Is Long (JOYG) Stock, Short Calls; Najarian Is Long (MS) Stock, Short Calls; Najarian Is Long (MSFT) Stock, Short Calls; Najarian Is Long (PALM) Calls; Najarian Is Long (RIMM) Calls; Najarian Is Long (TEVA) Stock; Najarian Is Long (V) Stock, Short Puts & Calls; Najarian Is Long (WFC) Long Puts, Short Stock; Najarian Is Long (YHOO) Calls; Terranova Is Short (CCL); Terranova Is Long Gold Futures; Seymour Owns (AA); Seymour Owns (AAPL); Seymour Owns (BAC); Seymour Owns (BX); Seymour Owns (F); Seymour Owns (RIMM); Seymour Owns (SBUX)
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