Pete Najarian Sees Unusual Options Activity In AK Steel

Pete Najarian spoke on CNBC's Fast Money Halftime Report about unusually high options activity in AK Steel Holding Corporation AKS that he noticed on Monday. He said that traders were aggressively buying the November 8 calls. Around 7,000 contracts were bought and they paid $0.25 for them.

The breakeven for the trade is $8.25, which was 2.36 percent above the market price at the moment of purchase. Najarian had a long position in United States Steel Corporation X and he decided to close it and buy calls in AK Steel. He is planning to hold the position for a week.