Pete Najarian Sees Unusual Option Activity in $LUV & $AMD

On today’s CNBC Halftime Report, Pete Najarian is seeing unusual option activity in $LUV and $AMD.

Pete is seeing unusual activity in LUV, as traders purchased 4,700 of the Weekly 28September $60 calls from 2.19 to 2.60. Pete bought these calls, will be in them for about three weeks, and noted Warren Buffett’s recently increased stake in the name.

Pete also sees unusual activity in AMD, as traders purchased 19,000 of the 07September $26 calls, 18,700 of the 07September $26.50 calls and 14,000 of the 07September $27 calls were all bought, at varying prices, with the underlying stock trading around $26.40. Pete bought these calls, likes the aggressiveness of the activity, and plans to be in them for a few days. Those Weekly 07September $27 calls bought just this morning ended up trading for over four times their purchase prices before the day was over.