Pete Najarian Sees Unusual Options Activity In Tapestry And IQIYI

On CNBC's "Fast Money Halftime Report,' Pete Najarian said traders were buying the June 11, $41-strike calls in Tapestry Inc TPR on Friday. Around 5,000 contracts were traded for $1.10 in the first half of the session and that was the second day in a row with a high options volume.

We had a pretty large buyer of June $14 calls in IQIYI Inc - ADR IQ on Friday, said Najarian. Around 15,000 contracts were bought, while 10,000 contracts were traded in a single print. Those are big traders, coming in there and expecting a nice move to the upside, Najarian said.