Scott Mlyn | CNBC
Passengers at an American Airlines gate at the Dallas/Fort Worth International airport in Dallas.
CNBC” Halftime Report” trader Jon Najarian purchased shares ofAmerican Airlines Group on Friday for his model portfolio after spotting unusual options activity.
The company, which owns the American Airlines and US Airways brands, operates 6,700 flights a day to 339 destinations in 54 countries. Lower oil prices were a tailwind for airlines for a time, but now worries about the U.S economy are starting to outweigh that benefit.
Still, American shares jumped almost 10 percent this week.
In other moves, trader Joe Terranova bought Range Resources in his trading contest model portfolio Thursday. He also sold his entire position in Palo Alto Networks.
Here’s why Najarian bought the airline.
[“source -pcworld”]
