Heavy volume in options trading has Jon Najarian speculating two companies could be new takeover targets.

And on the Fast Money Final Call the OptionMonster suggests putting two stocks on your radar – -Cliffs Natural Resources (formerly Cleveland Cliffs) and Alliant Techsystems. Following are the particulars

Cliffs Natural Resources [CLF 18.16 1.65 (+9.99%) ]

- Traded over 21,000 calls.
- This stock was over $120 last year and now it’s trading around $17.
- Volatility spiked.

“Speculation is floating around that Nucor [NUE 38.17 0.08 (+0.21%) ] is looking at a vertical integration with this company,” explains Najarian.

Alliant Techsystems [ATK 66.98 2.98 (+4.66%) ]

- Pop in volatility.
- 22 times normal volume in options contracts traded with April-70 calls being most active.
- The stock is $55 under it’s 52-week high.

“Raytheon [RTN Unavailable () ] is the name being thrown around as the potential buyer,” explains Najarian.