Moving on to Ford (F), which was up today on increased production and better-than-expected June sales, Najarian noted unusually heavy options activity in the stock Monday, with calls running 3-to-1 against puts, and investors focusing on the Aug. 7 calls.

In the space, I’m seeing strong put activity in Nvidia (NVDA), adds Jon Najarian. Speculation that Apple is switching to AMD chips is driving bearish bets.

Pete Najarian has spotted some unusual options action in the Financial Select Sector SPDR (XLF). Unusual call buying suggests the XLF could go higher, he explains.

Jon Najarian has spotted unusual options action in Legg Mason (LM). The volume of calls traded suggest to Najarian that the stock could move higher. Najarian speculates it could be a takeover target.

Pete Najarian has spotted unusual options action in Elan (ELN). Speculation suggests that Novartis (NVS) may be looking at this firm as a takeover target, he says.