Market Overview

Jon Najarian Sees Unusual Options Activity In BP And Tilray

Share:
Jon Najarian Sees Unusual Options Activity In BP And Tilray

Jon Najarian spoke on CNBC's "Fast Money Halftime Report," about stocks with unusually high options activity. BP plc (NYSE: BP) traded sharply higher on Tuesday on the news that the company decided to cut the dividend in half.

Najarian thinks it could easily move to $25 and maybe even go towards $30. He bought the September $25 calls as he noticed a pretty big volume in the strike. They were trading at around 29 cents, which sets the breakeven for the trade at $25.29. Najarian is planning to hold it for two or three weeks.

Options traders were also buying the August $8 calls in Tilray Inc (NASDAQ: TLRY). The company is going to report earnings on Aug. 10 and the stock is trading sharply higher on Tuesday. Najarian bought the September $8 calls and he is going to hold them for a week.

 

Related Articles (BP + TLRY)

View Comments and Join the Discussion!

Posted-In: CNBC Fast Money Halftime Report Jon NajarianCannabis Options Markets Media Best of Benzinga

Cannabis Movers