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Pete Najarian Sees Unusual Options Activity In Snap And Jumia

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Pete Najarian Sees Unusual Options Activity In Snap And Jumia

On CNBC's "Fast Money Halftime Report," Pete Najarian spoke about options activity in Snap Inc (NYSE: SNAP).

When the stock was trading just below $22, Najarian noticed a purchase of 17,000 contracts of the August $22.50 calls. Traders paid around 60 cents for them, which sets the breakeven for the trade at $23.10. Najarian decided to follow the trade and he is going to hold it for two weeks.

Traders were also buying the August $30 calls in Jumia Technologies AG - ADR (NYSE: JMIA).

Najarian finds this very unusual because the stock is currently trading significantly lower. Around 4,000 contracts were traded ahead of the earnings results, which are scheduled for next week. Najarian bought these calls as well and he is planning to hold them through earnings or maybe even for two weeks.

 

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