T3's Scott Redler Sold Altera Stock On Friday

Scott Redler is a weekly guest on #PreMarket Prep, a daily trading idea radio show hosted by Joel Elconin and Dennis Dick.

T3 Trading Group Chief Strategist Scott Redler told Benzinga that he "cleaned out most of my longs" in Altera Corporation ALTR on Friday.

Intel Corporation INTC agreed on Monday to acquire Altera for $16.7 billion, or $54 a share in cash.

"I've been long on Altera pretty much on and off, but mostly on for about three months," said Redler, whose firm does proprietary trading and offers training courses.

Altera shares gained nearly 40 percent during the past three months.

Altera initially rejected a $54 a share offer from Intel in April, according to multiple reports at the time.

But Altera shares gained sharply last week on reports that the deal got rekindled.

"When they first announced that deal back in April I didn't get involved," said Redler, whose firm held about $26.6 million in securities at December 31.

But he subsequently acquired Altera options.

"I'm looking at it and I was like, you know, this makes sense," said Redler.

"I made money on it," Redler said of recent Altera options. "I didn't make a lot of money."