He said traders were buying the September 18, $15 strike calls in Tapestry in the first half of the trading session Thursday. They were paying about 50 to 60 cents for them, which sets the break-even at $15.50 to $15.60. As the stock traded sharply higher, these calls closed the session in the money.
The September 18, $18.50 strike calls were traded in Capri Holdings, said Najarian. These are also in the money as the stock spiked almost 10% Thursday. Najarian followed both trades and he is planning to hold them for about a week.