Pete Najarian Sees Unusual Options Activity In Union Pacific And iHeartMedia

On CNBC's "Fast Money Halftime Report," Pete Najarian spoke about unusually high options activity in Union Pacific Corporation UNP and iHeartMedia Inc IHRT.

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Union Pacific is interesting to Najarian because he expects it to break out to the upside on the earnings report, scheduled for April 22. Options traders bought the April 30, $225 strike calls in the name and they paid for them between $3.30 and $3.50.

Najarian also noticed that options traders were buying the May 20 calls in iHeartMedia. Around 4,000 contracts were traded for 70 cents. The trade breaks even at $20.70 or 13.67% above the closing price on Friday.