By Pete Najarian, co-founder of OptionMonster
NEW YORK -- Research In Motion (BBRY) has been a great beta trade for some time, and option traders are looking for the BlackBerry maker to spike much higher.
OptionMonster's tracking programs Monday found some curious prints in the September 27 calls, which were bought for 22 cents. hat's a crazy high strike for a stock that closed the session at $15.61, up 3.93%.
These calls lock in the price where investors can buy stock in the smartphone maker. Because the options are much cheaper than the shares, they can result in significant leverage if the stock moves in the right direction. The September 19 calls were also active but much closer to the money.Apple (AAPL) was also in focus Monday with a gain of more than 3%. There is no comparison between these companies in most metrics, but they do have similar products in certain categories, and Research In Motion has frequently been an outperformer. In addition, Jefferies issued a positive note on the company Monday. Almost 120,000 calls traded versus 44,500 puts Monday, as its total option volume was more than triple its daily average. Najarian owns BBRY shares.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV