Target Shares to Drop, Options Suggest

OptionMonster co-founder Pete Najarian provides options picks Monday, Wednesday and Friday in TheStreet.com's Deep in the Money Calls newsletter.

David Russell, reporter for OptionMonster.

BOSTON (TheStreet) -- Bearish trade on Fairchild Semiconductor Industries(FCS): The chipmaker opened lower after stalling at resistance, and one trader is positioning for a steeper correction.

Bulls play Boyd Gaming(BYD) on breakout: Call buyers pile into the gaming stock it it breaks through resistance.

Symantec(SYMC) rebound signaled amid shares fall: The stock continues to retreat but options traders think the tech will head the other way.

MasterCard(MA) rise may be in the cards: The credit company has experienced quite a drop since its most recent earnings report.

Traders are selling calls on Cimarex Energy(XEC): Cimarex Energy options are trading three times the average volume already this morning, as a trader is apparently calling a top.

Bear takes aim at Target(TGT): A bear is gunning for the discount retailer as it pulls back from an 18-month high.

Amkor Technology(AMKR) falls amid call selling: Shares of Amkor Technology are down sharply and while there's unusual options volume in the calls, it doesn't look bullish.

Wednesday Pre-Market:

Omnicom Group(OMC) bulls look for breakout: The ad agency has been consolidating after a run to its recent highs, and some investors are positioning for a breakout.

Bunge(BG) bull extends position: The stock rallied yesterday, and one trader positioned for the grains processor to keep on moving.

Kraft(KFT) top called: The price of Kraft Foods stock rocketed higher on Tuesday, but the big options trade was betting on a top.

Hong Kong ETF viewed as range bound: On the heels of a notable bet that a leading China ETF will continue downward, one trader is playing shares of a Hong Kong fund with a strangle.

ARM Holdings(ARMH) attracts bullish trade: The manufacturer of smart phone chips has broken out new highs, and one trader is looking for the stock to continue rallying.

-- Reported by David Russell of OptionMonster in New York.

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