Shares of Facebook are trading in bear market territory after falling 20% from their July high. But now traders are making a big bet that the stock turns a corner. On Friday traders bought nearly 30,000 calls in the stock, according to 'Halftime Report' trader Jon Najarian, betting that it pops more than 4% next week.
By Friday mid-day investors had bought more than 6,000 Facebook calls at the June 180 strike price, according to Investitute co-founder Jon Najarian. Later in the day, that number soared to nearly 30,000.
These calls expire next Friday, so traders are betting the stock moves above $180 by then. Facebook was trading around $173 on Friday, so a 4% pop would lift it to $180.that he jumped on this trade and bought calls, since he believes the stock "is going to push towards, or through, $180 next week."Related Tags
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