Pete Najarian spoke on CNBC's "Fast Money Halftime Report" about unusually high options activity in Merck & Co., Inc. MRK and iShares China Large-Cap ETF FXI on Tuesday.
Around 23,000 contracts of the December $82.50 calls in Merck have been traded in the first half of the trading session. Traders paid $1 for these calls, which sets the breakeven for the trade at $83.50 or 9.45% above the closing price on Tuesday.
About 11,000 contracts of the December $41 calls in FXI have been traded during the first half. Traders were looking for a move higher in the name as they were aggressively buying these calls.
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