Pete Najarian Sees Unusual Options Activity In Lowe's

On CNBC's "Fast Money Halftime Report", Pete Najarian spoke about unusually high options activity in Lowe's Companies, Inc. LOW.

He said that the stock broke below its 50-day moving average and it continued to trade lower. He sees this as a sign of a weakness. Najarian noticed that options traders are also bearish on the name. They were buying the July 75.50 puts. Around 5,000 contracts were traded in the first half of the trading session and they paid $1.20 for them. The trade breaks even at $74.30 or approximately 3 percent below the current stock price.

Najarian bought the July 75.50 puts in Lowe's and he is planning to hold them until expiration.