On CNBC's "Fast Money Halftime Report," Pete Najarian spoke about unusually high options activity in Alibaba Group Holding Ltd – ADR (NYSE: BABA) and STMicroelectronics NV (NYSE: STM).Traders were buying the August $250 calls in Alibaba on Tuesday. Around 7,500 contracts were traded and they paid around $12 for them. The trade breaks even at $262 or around 5.5% from the current stock price. Najarian decided to follow the trade.Najarian has also noticed STMicroelectronics NV (NYSE: STM) because it had a big call options volume in the same strike for the second day in a row. Around 10,000 contracts of the August $35 calls were traded on Monday and traders bought 9,000 more of those on Tuesday. They were trading for around 35 cents. Najarian explained that somebody thinks this stock has some upside in the short term.See more from Benzinga * Pete Najarian Sees Unusual Activity In Alibaba And Cleveland-Cliffs * Cramer Weighs In On Six Flags, Novavax And More * Fast Money Picks For June 1(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
