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Is Yandex Searching for Higher Levels?

By Pete Najarian, co-founder of OptionMonster

NEW YORK -- Russian Internet search company Yandex (YNDX) has been relatively cheap compared with China's Baidu, its emerging-market counterpart, and option activity turned bullish Monday.

Bank of America recently upgraded the company to a buy because of that comparison and expectations that it will release strong quarterly results Tuesday. Morgan Stanley followed up with its own bullish commentary late last week.

Option volume swelled in the August 22 calls, with some large blocks trading for 60 cents. More than 2,600 crossed OptionMonster's tracking systems Monday versus previous positioning of just 421 contracts at that strike.

Calls lock in the price investors must pay to buy shares, so they can generate some nice leverage if the stock rallies. But if it doesn't, those options will expire worthless.

Yandex rose 3.02% to $20.83 Monday. More than 7,700 options traded in the name, compared with less than 1,000 in a typical session.

Najarian is long YNDX.)
This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.

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