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Pete Najarian's Bullish Pandora Trade

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Speaking on CNBC, Pete Najarian said that he noticed an unusually high call options volume in Pandora Media (NYSE: P). The biggest volume was in the August 26 weekly calls.

He explained that traders are looking for a breakout above $26 in Pandora, and if that happens the August 26 weekly calls, which are now trading at $0.14, are going to explode. Mr. Najarian added that he didn't buy the options, because they started to move higher and he didn't want to chase them. Pandora is currently trading 1.08 percent higher at $25.21.

In a separate trade, Pete Najarian said that his long position in Microsoft (NASDAQ: MSFT) is not working at the moment, but he bought the September call options and there is still some time for this trade to become profitable.

Posted-In: CNBC CNBC Pete Najarian Fast MoneyLong Ideas Media Trading Ideas

 

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