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Pete Najarian Sees Unusual Options Activity In Masco

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CNBC Fast Money's Pete Najarian spoke on the show about unusually high options activity in Masco Corporation (NYSE: MAS).

Najarian explained that traders were selling to close their January 23 call options to purchase the February 24 calls, expecting the stock to move above $24 and test its 52-week highs. More than 7,000 contracts were bought on Tuesday and traders paid around $1.05, said Najarian, who decided to follow the big money and buy the February 24 calls. He is planning to hold this position for a month.

Masco gained 1.78 percent and closed at $23.39 on Tuesday.

 

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Posted-In: CNBC Pete Najarian Fast MoneyOptions Markets Media