Facebook IPO Could Drive Gains in This Rival: Najarian

Two stocks have landed on Jon and Pete Najarian’s trader radar after their proprietary heat seeker identified unusual action.

What must you know?

Ren Ren

Pete Najarian has Renren on his radar due to higher than usual volume in the May 9 calls. "These calls really stuck out," he says. "Plenty of buyers came in during the first hour."

Najarian thinks the hype around social media is behind these bullish bets.

As a popular social networking site in China, Najarian thinks options investors are betting that excitement surrounding the Facebook IPO may be contagious and spread to this this rival.

"This is a stock that people refer to as the Facebook of China, I'm not sure it's at that level, but it's certainly generating interest."

And from the recent options activity, Najarian concludes, "Institutional investors appear to be expecting upside."

Kodiak Oil and Gas

Meanwhile, Jon Najarian has Kodiak Oil and Gas on his radar. “I haven’t been this excited since Hooters lifted my lifetime ban,” he chuckles.

Heat Seeker has identified an unusually high volume of call buying – in fact calls outnumber puts by more than 13 to 1.

Najarian says it may be a bullish bet ahead of earnings, which come out after the bell on May 3.

Or the call buying could be a sign of broad optimism about the company’s activity in the Bakken Shale in North Dakota.

* You can find our conversation about Kodiak about 2:30 into this video clip.

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Trader disclosure: On Apr 20, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Pete Najarian is long AAPL; Pete Najarian is long BAC CALLS; Pete Najarian is long C; Pete Najarian is long JPM CALLS; Pete Najarian is long MS; Pete Najarian is long INTC; Pete Najarian is long YHOO; Pete Najarian is long SBUX CALLS; Pete Najarian is long COP; Pete Najarian is long PEP; Jon Najarian is long KOG; Jon Najarian is long DDMG; Jon Najarian is long CBOE; Jon Najarian is long CME; Jon Najarian is long CIGX; Jon Najarian is long LQMT; Jon Najarian is short UA PUTS; Josh Brown is long CRR; Josh Brown is long BRK-B; Josh Brown is long JPM; Josh Brown is long ARCO; Josh Brown is long AAPL; Josh Brown is long COP; Steven Weiss is short AAPL puts; Steven Weiss is long BAC; Steven Weiss is long JPM; Steven Weiss is long SNDK; Steven Weiss is long QCOM; Steven Weiss is long TBF; Steven Weiss is long TBT; Steven Weiss is long AIG; Steven Weiss is long HAIN; Steven Weiss is long CSC; Steven Weiss is long HGSI; Steven Weiss is long MDRX; Steven Weiss is long HK; Steven Weiss is short MT; Steven Weiss is short ERIC; Steven Weiss is short JCP; Steven Weiss is short X

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CNBC.com with wires.