Market Overview

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 (NYSE: FCX) and FibroGen Inc (NASDAQ: 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.

Posted-In: CNBC Fast Money Halftime Report Jon NajarianOptions Markets Media


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