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Pete Najarian Sees Unusual Options Activity In Blackstone And US Steel

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Pete Najarian Sees Unusual Options Activity In Blackstone And US Steel

On CNBC's "Fast Money Halftime Report," Pete Najarian spoke about bullish options activity in Blackstone Group Inc (NYSE: BX) and United States Steel Corporation (NYSE: X).

Options traders were buying the August $57 calls in Blackstone on Friday and they paid around $1.25 for them. The trade breaks even at $58.25 or around 4% above the current stock price. Najarian likes the trade because it gives him a bit of diversification outside of the banks.

He has also noticed a purchase of the August $8 calls in U.S. Steel. Traders paid around 40 cents for them, which sets the breakeven for the trade at $8.40 or almost 7% higher from the current price. Najarian expects to see a big move higher in the materials.

 

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