Unusual options activity in a major materials company just landed on Pete Najarian’s radar.
”I wouldn’t call it monster activity, but something worth watching,” Najarian says. He’s talking about strong call buying in US Steel.
”They’re going after the December 29 calls.”
Although this company has been the subject of takeover chatter for quite some time, Najarian wouldn’t look at the activity as a bet on an imminent deal. ”I would not interpret this activity as takeover target speculation,” he says.
Instead, Najarian thinks the upside bets are simply investors looking for opportunity amid a market sell-off. "The stock started climbing in early October and after a little pullback, maybe it climbs again."
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CNBC.com with wires.