Macy's Shares To Drift Back Lower? (M)
Shares of Macy’s Inc. (NYSE: M) are lower on the session by 1.49%, currently trading at $20.56. The stock has been moving largely higher over the past three months, off of a recent low around $17.00. A break above $21.19 would be significantly bullish for the name.
The puts are active on the name today. The October $21.00/20.00 put spread was purchased 3,500 times a short while ago. Volume is enough to cover the open interest on the $21.00 put, but not on the $20.00 put.
This likely suggests that a long put position was rolled higher so that the trader has increased protection closer to the stock price.
Note that the September $20.00 is seeing activity as well today, though most in the form of put sales. Volume is currently totaling 2,146 contracts on open interest of 6,360 contracts.
Macy's, Inc. is a retail organization operating retail stores and Internet Websites under two brands that sell a range of merchandise, including men's, women's and children's apparel and accessories, cosmetics, home furnishings and other consumer goods in 45 states, the District of Columbia, Guam and Puerto Rico.
