Bulls are going after International Paper after its bid for Temple-Inland was rejected earlier this week.
IP shares pushed higher by 1.04 percent to close at $30.10 yesterday. (See tickerfor today's quotes.)
's tracking systems detected some interesting upside trades in the company, which makes printing paper, packaging, forest products, and chemicals.
First, the January 40 calls were bought about 15,000 times for $0.23. But it came against massive open interest, so it's not clear whether they were opening or closing positions.
Second, the October 35 calls were purchased for $0.29 to $0.35. Volume exceeded 4,700 contracts, more than triple the previous open interest. International Paper's 52-week highs are only around $33, so the activity certainly stood out.
More than 22,000 calls traded against fewer than 2,000 puts overall in the name. Total activity was almost 4 times the average amount.
Pete Najarian has no positions in IP.
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Pete Najarian is a professional investor, CNBC contributor, regular co-host of CNBC's "Fast Money" and co-founder of .