On CNBC's Fast Money Halftime Report, Jon Najarian spoke about unusually high options activity in Freeport-McMoRan Inc FCX. He said that traders were buying the January 13, 14-strike calls on Tuesday. He added that these calls expire prior to the earnings release and he is wondering if someone is betting that the company is going to pre-announce earnings results. Around 9,000 contracts were traded in the first half of the session and Jon Najarian decided to follow the trade. He is planning to hold the long position in Freeport-McMoRan for a week.
Pete Najarian said that 10,000 contracts of the March 6 calls in Weatherford International Plc WFT were traded early in the trading session for around $0.35. He has also bought the March 6 calls and he is going to hold them at least for three weeks. Weatherford International Plc spiked 7.21 percent on Tuesday.
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