On today’s CNBC Halftime Report, Pete Najarian is seeing unusual option activity in AMAT.
Traders were selling 12,000 Sept $42 puts, meaning traders were willing to own the stock at a lower level. Pete says this is a stock that has had a nice pullback, and that traders might be looking for some upside in the near future.
Pete also updated us on the previous MU trade. Pete owns Aug $34 options, which he doesn’t expect to be profitable, but he still is in the stock and likes its long-term prospects.