Najarian Brothers See Unusual Options Activity In Seagate Technology

On CNBC's Fast Money Halftime Report, Pete Najarian spoke about unusually high options activity in Seagate Technology PLC STX. He said traders bought over 10,000 contracts of the January 37 calls in the name. He added that the volume was normal, but the call to put ratio was 50 to 1, which shows that traders were aggressively buying calls. Najarian thinks that Seagate is going higher and he decided to buy it.

Jon Najarian noticed that options traders were buying the April 27 calls, so he also bought the April 27 calls and sold the April 30 calls against them, to get a long exposure. He is planning to hold the position for a month.