Options trading was frenzied. Early on Friday ahead of the delayed court ruling, option players were expecting a move up or down of about 14 percent in the underlying stock.
More Quotes from Jon Najarian:
This sort of activity hardly looks like a lucky buyer but is textbook insider-buying activity. I'd say somebody ... alerted somebody, who then acted on the information.Jon Najarian
The reason traders are jumping all over this is because Pershing Square Capital purchased almost 10 percent of Wendy's International shares to try to force it to sell off their Tim Hortons chain. The company is now doing that.
Jon Najarian
Rumors of a huge block trade in Exxon Mobil seemed to be the catalyst for this big turnaround to the downside in the Dow.
Jon Najarian
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