Halftime—Jon Najarian: Unusual Activity in this Stock

After it heavily promoted the anti-cancer drug it's developing with Roche, Jon Najarian of optionMOSTER.com noticed increased call volume in ImmunoGen Friday.

"Great news for people that are suffering and potential upside out of this stock. Very heavy turnover in the options," he said.

ImmunoGen is based in Waltham, Mass., where it develops anti-cancer drugs. Roche is a Basel, Switzerland based pharmaceutical company.

Together, the companies are developing trastuzumab-DM1 (T-DM1), which comprises of ImmunoGen's DM1 cancer-cell-agent linked to the HER2-targeting antibody trastuzumab or Herceptin. According to ImmunoGen's Web site, T-DM1 is in Phase III testing and seven other compounds are in clinical testing, as well.

Watch the video to see the full conversation about this "Unusual Activity"—it starts at 1:30.

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NEW NASDAQ EXCHANGE LAUNCHES

NASDAQ launched a new trading platform Friday that seeks to increase liquidity and transparency for investors. The new equity trading platform is called NASDAQ OMX PSX.

The goal is to put less focus on speed and more attention to displayed liquidity back to the displayed markets, said Brian Hyndman, senior vice president of NASDAQ Transaction Services. The person displaying the largest display size at a particular price level will receive the largest portion of the incoming order on a prorated basis, he explained.

There were 50 participants using 'PSX' on the first day of trading, Hyndman said.

Watch the video to see the full interview—it starts at 3:15.

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PERSHING TAKES J.C. PENNEY, FORTUNE BRANDS STAKE

Shares of J.C. Penney and Fortune Brands pushed higher Friday after activist investor William Ackman's Pershing Square Capital Management disclosed positions in both companies.

The hedge fund said it has more than $900 million invested in the department store operator for a 16.5 percent stake. It has a 11 percent stake in Fortune Brands , which makes Jim Beam bourbon, Titleist golf balls and an array of other products. That diversification, said Patty Edwards of Trutina Financial, could bode well for Ackman and his investment.

"You could probably break those up. Sell them. There might be some hidden value," she said, adding that she is "struggling to love" JCP. "Obviously, he's seeing something there. I don't think this is a real estate play. I know it's not a credit card play. It's got to be something to do with the operational side of things."

Watch the video to see the full conversation.

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Trader disclosure: On Oct. 8, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Jon Najarian Owns (POT) Call Spreads; Jon Najarian Owns (MOS) Call Spreads; Jon Najarian Owns (ADBE) Call Spreads; Jon Najarian Owns (GS) Call Spreads; Jon Najarian Owns (MS) Call Spreads; Jon Najarian Owns (JCP) Call Spreads; Jon Najarian Owns (IMGN) Cal Spreads; Jon Najarian Owns (AAPL) Call Spreads; Jon Najarian Owns (NYX); Jon Najarian Owns (CME); Jon Najarian Owns (CBOE); Jon Najarian Owns NYSE Euronext, CME Group, CBOE Seats; Terranova Owns (APA), (AAPL), (IBM), (EOG), (HES), (OIH), (OXY), (ORCL), (RSH), (UPL), (SU), (VRTS), (XBI), (FTO), (JOYG), (RIG), (C), (PEP); Terranova Owns (TGT) Calls; Grasso owns (ASTM), (BA), (BAC), (C), (CSCO), (JPM), (LPX), (MO), (MOT), (NDAQ), (PFE), (PRST)

For Patty Edwards
Edwards Owns (GLD) For Clients
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Edwards Owns (MSFT) For Clients
Edwards Owns (AMZN) For Clients
Edwards Owns (BAC) For Clients
Edwards Owns (JPM) For Clients
Edwards Owns (C) For Clients
Edwards Owns (CME) For Clients
Edwards Owns (INTC) For Clients
Edwards Owns (GOOG) For Clients
Edwards Owns (AAPL) For Clients

For Joe Terranova
Terranova is chief market strategist of Virtus Investment Partners, LTD.
Virtus Investment Partners own more than 1% of (ABAX)
Virtus Investment Partners own more than 1% of (ALK)
Virtus Investment Partners own more than 1% of (AMKR)
Virtus Investment Partners own more than 1% of (CASS)
Virtus Investment Partners own more than 1% of (CSVI)
Virtus Investment Partners own more than 1% of (IGE)
Virtus Investment Partners own more than 1% of (LDR)
Virtus Investment Partners own more than 1% of (LPHI)
Virtus Investment Partners own more than 1% of (MGRC)
Virtus Investment Partners own more than 1% of (NRCI)
Virtus Investment Partners own more than 1% of (DBV)
Virtus Investment Partners own more than 1% of (XLB)
Virtus Investment Partners own more than 1% of (XLP)
Virtus Investment Partners own more than 1% of (XLY)
Virtus Investment Partners own more than 1% of (XLF)
Virtus Investment Partners own more than 1% of (XLI)
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Virtus Investment Partners own more than 1% of (WDFC)
Virtus Investment Partners own more than 1% of (YDNT)
Virtus Investment Partners own more than 1% of (DRYS)

For Steve Grasso:
Stuart Frankel & Co and it’s partners own (AMGN)
Stuart Frankel & Co and it’s partners own (COG)
Stuart Frankel & Co and it’s partners own (CUBA)
Stuart Frankel & Co and it’s partners own (GERN)
Stuart Frankel & Co and it’s partners own (HPQ)
Stuart Frankel & Co and it’s partners own (HSPO)
Stuart Frankel & Co and it’s partners own (MERC)
Stuart Frankel & Co and it’s partners own (NWS.A)
Stuart Frankel & Co and it’s partners own (NYX)
Stuart Frankel & Co and it’s partners own (PDE)
Stuart Frankel & Co and it’s partners own (PFE)
Stuart Frankel & Co and it’s partners own (PRST)
Stuart Frankel & Co and it’s partners own (RDC)
Stuart Frankel & Co and it’s partners own (TLM)
Stuart Frankel & Co and it’s partners own (XRX)
Stuart Frankel & Co and it’s partners own (SDS)
Stuart Frankel & Co and it’s partners are short (QQQQ)

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