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Pete Najarian Sees Unusual Options Activity In Gilead

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Pete Najarian Sees Unusual Options Activity In Gilead

On CNBC's "Fast Money Halftime Report," Pete Najarian spoke about unusually high options activity in Gilead Sciences, Inc. (NASDAQ: GILD).

He noticed a purchase of 6,000 contracts of the August $69 calls for 75 cents. The trade expires in a week and it breaks even at $69.75 or 1.02% above the closing price on Friday. Najarian jumped in the trade.

He also gave some updates on trades that he opened last week. His position in the August 21, $22.50 calls in Snap Inc (NYSE: SNAP) is not doing very well. He paid 75 cents for them and they are trading now at 25 cents. He is still holding on these calls because he sees a potential for a move higher next week, but there is a good chance that they could expire worthless.

On the other side, Najarian managed to make money on his MGM Resorts International (NYSE: MGM) trade. He bought the August $18 calls in the name for 75 cents last week and they jumped to $3.50. He decided to take profits and he is no longer in the position.

 

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