The traders were closely watching the action in Under Armour on Thursday, after reports in the London Times suggested Nike could soon ink a deal to acquire its rival for as much as $100 / share.
Neither company would comment on the report, however Bloomberg is saying a Nike spokesperson tells them there’s no truth to it. Meawhile, other sources suggest the acquisition could make sense.
According to the Portland Business Journal, Nike isn't new to expanding its reach through acquisitions. “It bought Converse in 2003 for $305 million and London-based soccer brand Umbro in 2008 for $565 million," with its acquisitions arm largely quiet since then.
Pete Najarian says although there may be smoke, there doesn’t seem to be fire. “In the options pits there’s been some upside bets,” he says, “but the investors buying into the rumor look like they’re retail investors and not smart money institutional investors.”
Karen Finerman is also skeptical. “If a spokesperson said no truth there’s no truth. Otherwise they would say no comment. I just can’t imagine it.”
Trader Joe Terranova sees it differently. "Nike would give Under Armour something that they need - international exposure. Under Armour does not have that. I don't know the deal is dead on arrival."
* You can find our conversation on this topic at the beginning of this Options Action video clip.
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Trader disclosure: On Sep 15, 2011, 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 Citigroup (C); Najarian is long Hewlett Packard (HPQ); Najarian is long Marvell Technology (MRVL); Najarian is long Microsoft (MSFT); Najarian is long Morgan Stanley (MS); Najarian is long calendar options Research in Motion (RIMM); Adami Owns (AGU); Adami Owns (C); Adami Owns (GS); Adami Owns (INTC); Adami Owns (MSFT); Adami Owns (NUE); Adami Owns (BTU); Finerman and Finerman’s firm own (AAPL); Finerman and Finerman’s firm own (CVS); Finerman owns (BAC) and Finerman’s firm own (BAC) leaps ; Finerman owns (JPM) and Finerman’s firm owns (JPM) stock and (JPM) leaps; Finerman’s firm owns (IBM); Finerman owns (GOOG); Finerman’s firm and Finerman own (ORCL); Finerman’s firm and Finerman own (MSFT); Finerman’s firm owns (TGT); Finerman and Finerman’s firm own puts on (Research in Motion (RIMM); Finerman owns WalMart (WMT); Finerman owns (IWM); Finerman owns (MDY); Finerman owns (SPY); Terranova is long (VRTS); Terranova is long (OXY); Terranova is long (HOS); Terranova is long (OIH); Terranova is long (CVI); Terranova is long (AXP); Terranova is long (EMC); Terranova is long (WFM); Terranova is long (AMZN); Terranova is long (WFE); Terranova is long (AAPL); Terranova is long IBM (IBM); Kinahan is long Intel (INTC) through options; Kinahan is short S&P through options; Kinahan is long (TLT) through options; Kinahan is long Microsoft (MSFT) through options
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