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On CNBC's "Fast Money Halftime Report," Jon Najarian spoke about unusually high options activity in Tapestry Inc (NYSE:TPR) and Capri Holdings Ltd (NYSE:CPRI).
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He said traders were buying the September 18, $15 strike calls in Tapestry in the first half of the trading session Thursday. They were paying about 50 to 60 cents for them, which sets the break-even at $15.50 to $15.60. As the stock traded sharply higher, these calls closed the session in the money.
The September 18, $18.50 strike calls were traded in Capri Holdings, said Najarian. These are also in the money as the stock spiked almost 10% Thursday. Najarian followed both trades and he is planning to hold them for about a week.