Shares of Delta Air Lines have been losing altitude over the past month, but they got a lift Friday. What’s the trade?

The airlines and the transports have been a hot and cold sector this year, explains Jon Najarian on CNBC’s Closing Bell. The airlines popped in Janauary but are now trading lower with Delta down 40% in the last 30 days.

On Friday however I noticed some strong call buying in DAL stock. That suggests to me the stock could go significantly higher, Najarian explains.

The increase in options trading comes on the heels of a Wall Street Journal report which suggests that executives at Northwest Airlines have proposed that Northwest and Delta go ahead with their planned merger.

Citing people familiar with the matter, the Journal said on its Web site that Northwest also has suggested offering pilots less-generous terms than those previously on the table.

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