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. 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 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 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.