Pete Najarian Sees Unusual Options Activity In Union Pacific And iHeartMedia

On CNBC's "Fast Money Halftime Report," Pete Najarian spoke about unusually high options activity in Union Pacific Corporation (NYSE:UNP) and iHeartMedia Inc (NASDAQ:IHRT).

Union Pacific is interesting to Najarian because he expects it to break out to the upside on the earnings report, scheduled for April 22. Options traders bought the April 30, $225 strike calls in the name and they paid for them between $3.30 and $3.50.

Najarian also noticed that options traders were buying the May 20 calls in iHeartMedia. Around 4,000 contracts were traded for 70 cents. The trade breaks even at $20.70 or 13.67% above the closing price on Friday.