Long Shots in BlackBerry
BlackBerry has been a great beta trade for some time, and option traders are looking for the smartphone maker to spike much higher.
OptionMonster's tracking programs yesterday found some curious prints in the September 27 calls, which were bought for $0.22. That's a crazy high strike for a stock that closed the session at $15.61, up 3.93 percent.
These calls lock in the price where investors can buy stock in the smartphone maker. Because the options are much cheaper than the shares, they can result in significant leverage if BlackBerry moves in the right direction. The September 19 calls were also active, but much closer to the money.
Apple was also in focus yesterday with a gain of more than 3 percent. There is no comparison between these companies in most metrics, but they do have similar products in certain categories, and BlackBerry has frequently been an outperformer. In addition, Jefferies issued a positive note on BlackBerry yesterday.
Almost 120,000 BlackBerry calls traded versus 44,500 puts yesterday, as its total option volume was more than triple its daily average.
—By CNBC Contributor Pete Najarian
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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. Najarian owns BBRY shares.