‘Suspicious’ BlackBerry Buys ‘Suspicious’ BlackBerry Buys: Najarian
The timing of some buy orders ahead of an announcement that sent BlackBerry shares higher appeared curious, OptionMonster's Jon Najarian said Wednesday on CNBC.
The Toronto-based company announced that an unnamed, "established partner" had ordered 1 million of its new smartphones, sending the stock 8 percent higher to close at $15.64 per share. It continued to gain in after-hours trading.
BlackBerry unveiled its new Q10 and Z10 smartphones on Jan. 30.
On "Fast Money," Najarian said that a spike in options buys preceded the BlackBerry announcement.
"This movement was more than a minute ahead of that press release hitting," he said. "This was a lot of buying in that minute. Both options and stock. I'm suspicious.
"Somebody had this just before it came out."
StockMonster's Guy Adami said he remained positive on the stock.
"I'm still firmly in the bull camp, and it's not because of those orders," he said.
Tim Seymour of EmergingMoney.com factored in BlackBerry's popularity in emerging markets.
"In India, actually, the BlackBerry is cool," he said, noting that there were definitely supply shortages.
"TThe fact that people are worried about being short supply here is something that's very important," Seymour added.