Intense Call Buying in Nokia

Jon "DRJ" Najarian, co-founder of OptionMonster

Options activity was intense in Nokia ( NOK) Monday after reports surfaced about a possible deal with Verizon ( VZ) on a 4G device.

Nokia reportedly denied the rumors, but not before traders snapped up calls in large numbers. Call volume has averaged 9,200 contracts for a full session, but Nokia saw 38,200 change hands by mid-afternoon Monday, according to OptionMonster's Heat Seeker tracking system.

About 28,000 of those contracts traded as part of an April 9-11 call spread, which went for 65 cents (80 cents minus 15 cents). Nokia's stock reached a new 52-week low of $8.44 in intraday trading Monday, but ended the day virtually flat at $8.76, up 2 cents.

At the time of publication, Najarian had no positions in any stocks mentioned.

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