The uptick in M&A activity has also spurred options trading action in biotech names, and Pete Najarian said he likes Biogen Idec (BIIB), the Cambridge, Mass., company that's been attempting to ward off Carl Icahn for what seems like years. Recent options moves in Biogen indicate that the smart money might be making an Icahn takeout bet. Najarian said that he has participated in such trades himself, but not just because of buyout rumors. Najarian says he likes Biogen fundamentally as a "standalone stock."

I like Micron (MU) and other semi stocks because I think Corporate America is about to upgrade IT, says Jon Najarian, and Micron should be a beneficiary. Also, I’m seeing an unusual amount of options action in this name.

I'm watching Stifel (SF), Broadpoint (BPSG) and Jefferies (JEF), adds OptionMonster Jon Najarian. Volumes have been pretty stellar which suggests options investors think they too could benefit.

I'm watching Stifel (SF), Broadpoint (BPSG) and Jefferies (JEF), adds OptionMonster Jon Najarian. Volumes have been pretty stellar which suggests options investors think they too could benefit.

I'm watching Stifel (SF), Broadpoint (BPSG) and Jefferies (JEF), adds OptionMonster Jon Najarian. Volumes have been pretty stellar which suggests options investors think they too could benefit.

I'm watching Micron (MU), Applied Materials (AMAT) and Cypress (CY), adds Jon Najarian, for unusual options action.

I'm watching Micron (MU), Applied Materials (AMAT) and Cypress (CY), adds Jon Najarian, for unusual options action.

I’m seeing an awful lot of put activity in many names but Visa (V) in particular, reveals OptionMonster Jon Najarian. I think if $70 does not hold the stock could go to $66.