Jon Najarian Sees Unusual Options Activity In Freeport-McMoRan And FibroGen

Jon Najarian spoke on CNBC's "Fast Money Halftime Report" about unusually high options volume in Freeport-McMoRan Inc FCX and FibroGen Inc FGEN.

He said options traders are betting Freeport-McMoRan is going to move above $9.50 in the next 30 days. They were buying the Sept. $9.50 calls in the name. Around 8,000 contracts were traded at 20 cents, which sets the breakeven at $9.70. Najarian followed the trade and he is planning to hold the position for two to three weeks.

Options traders were buying the Jan. $45 calls in FibroGen. Around 4,500 contracts were traded and Najarian also jumped in the trade. He is going to hold the position for two to three months.