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Options On The Move

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Jon Najarian has spotted some interesting movers popping in the options market. Find out what’s moving and why.

Fannie Mae

A Morgan Stanley note said they're looking for more trouble from the credit Fannie Maeput out there, Jon Najarian explains on CNBC's "Closing Bell." That sent the stock much lower. Investors are buying puts in a big way. They’re betting the stocks breaks below 30 in the short term.

CNET Networks

There’s a rumor that Google might be taking a stake in CNETand options buyers are snapping up the 10-strikes suggesting the stock could go to $10.

Nasdaq

Options traders have sold out of the long February puts and are now buying them in March. It suggests to me, says Najarian, that they anticipate a rest from the heat in the Nasdaq.

Also I recommend watching Arch Coal (ACI) and Allegheny Tech (ATI) again for unusual options trading.

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Trader disclosure: On Feb.8, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (INTC), (YHOO), (DIS); Najarian Owns (AMR), (C), (CSCO), (EBAY), (MCD), (MS), (MSFT), (XLF), (YHOO), (BIIB); Najarian Owns (FRE) Puts, (AIG) Puts; Najarian Owns (CNET) Calls, (AAPL) Calls, (NWA) Calls, (SKS) Calls; Finerman Owns (GS); Finerman's Firm Owns (GE), (JCP), (MSFT), (SKS), (WMT), (YHOO), (AAPL), (MO); Finerman's Firm Is Short (IWM), (IJR), (IYR), (MDY), (SPY), (COF); Finerman's Firm Is Short (LEH) And Owns (LEH) Puts; Finerman's Firm Owns (CROX) And (CROX) Calls, ; Finerman Owns (CROX) And (CROX) Calls; Finerman's Firm Is Short (RTH), (SPG), (TCO)