A 'Cheap Shot' on YRC Worldwide Options

The last trading session before Christmas was light as expected overall, but not for YRC Worldwide.

Trading volume in the commercial transport company's stock was nearly 63 percent higher than its daily average, with 4.4 million shares changing hands Wednesday. Options activity was also heavy as 6,200 calls traded in more than six times the average volume over the last 20 days, against 2,000 puts, according to OptionMonster's tracking systems.

YRCW , which finished the day down 18.5 percent to $2.64, has fallen off a cliff since early September, when it was trading well over $18. The stock has seen wide swings ever since, with shares trading below $1.50 on Nov. 20 and running up more than $5 over the next two weeks before falling back down.

The February 2.50 calls are now trading for $0.70, a very cheap shot especially for an in-the-money contract.

YRC Worldwide Inc said on Wednesday it canceled a debt tender because its union workers have not yet ratified a wage reduction (read more here).

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Jon 'DRJ' Najarian is a professional investor, CNBC contributor, and cofounder of OptionMonster.