Pete Najarian Sees Unusual Option Activity in $GM & $KRE with @jimcramer

On today’s CNBC Halftime Report, Pete Najarian is joined by Jim Cramer to discuss unusual option activity in $GM and $KRE.

In GM, traders were buying up the March $47 calls for around $.60, as part of a spread. Pete is in the stock and in the calls, and plans to hold for 2 months. Jim sees this as a great domestic play, and sees GM “cheap” relative to other stocks in the market.

Also, traders were buying up KRE February $62 calls, again, as part of a spread. Jim sees strength in the regional banks, with some recent upgrades in the sector, and sees many of the banks catching up.