By Pete Najarian, co-founder of OptionMonster

Options traders were buying upside calls in MetLife ( MET) Wednesday ahead of the company's earnings report Thursday afternoon.

The MetLife August 35 calls were purchased in a few, very large institutional-sized trades for 60 cents and 70 cents as more than 4,000 contracts changed hands in the first 90 minutes of Wednesday's session. The trading, which eclipsed previously established positions, dwarfed the average daily call volume of 206 at that strike, according to OptionMonster's real-time tracking systems.

MetLife's shares closed the regular session on Wednesday down 2% to $33.28 but rose 2.85% in after-hours trading. The company, which provides individual insurance, employee benefits, and financial services, is scheduled to release its quarterly results after the closing bell Thursday.
At the time of publication, Najarian owned long calls in MetLife.

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