Most of the activity took place as the market turned lower yesterday, so traders were looking to take advantage of the pullback. The calls could generate major leverage if Intel pushes higher in coming months, but they could also expire worthless if it fail to rally or drops.
Intel’s stock ended the session down 1.32 percent at $26.88. It has run higher since trading under $20 back in September, and yesterday’s call buyers are looking for shares to reach levels not seen since late 2007.
—Najarian owns INTC shares.
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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.