Jon Najarian Sees Unusual Options Activity In ON Semiconductor And Rambus

On CNBC's "Fast Money Halftime Report", Jon Najarian spoke about unusually high options activity in ON Semiconductor Corp (NASDAQ: ON) and Rambus Inc. (NASDAQ: RMBS).

He said that options traders were buying calls in ON Semiconductor aggressively. Around 30,000 contracts of the April $25 calls were traded for around a dollar. The trade breaks even at $26 or around 30% above the current stock price. Najarian followed the trade and he is going to hold the position for several months.

Over 5,000 contracts of the Oct. $14 calls in Rambus were traded on Friday. Najarian bought these calls and he is going to be in the position for two to three weeks.