BP has lost much of the public's attention more than five months after its disastrous oil spill but continues to fight back higher.
Yesterday there was stealth volume in the Weekly options that expire this Friday. detected buying in the Weekly 41 calls for $0.62 up to $0.72 and the Weekly 42 strikes, which saw large trades for $0.22 and $0.23. Each traded at least 3,000 contracts, which was more than twice the open interest.
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The company is cleaning house after Bob Dudley stepped in as chief executive on Oct. 1, reducing operations in the Gulf of Mexico and cutting capital expenditures to fund the $11.2 billion cleanup bill. It's also working its way back to investment-grade credit and may resume dividend payments next year.
Nonetheless, BP remains 30 percent below its pre-spill levels, and the depressed price is leading call buyers to look for some mojo to the upside. The stock closed yesterday up 1.25 percent to $41.33.
Calls outnumbered puts by almost 3 to 1 yesterday, and the Weekly expirations accounted for an outsized 25 percent of total activity.
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Najarian owns a call spread on BP.
Pete Najarian is a professional investor, CNBC contributor, regular co-host of CNBC's "Fast Money" and co-founder of .