Market Overview

Jon Najarian Sees Unusual Options Activity In Macy's

Jon Najarian Sees Unusual Options Activity In Macy's

Jon Najarian spoke on CNBC's "Fast Money Halftime Report," about unusually high options activity in Macy's Inc (NYSE: M) on Tuesday.

He explained that the reason for high volume was a Barron's article that suggested, Inc. (NASDAQ: AMZN) could make a run on Macy's.

See Also: Here's How Large Option Traders Are Playing Boeing As Order Backlog Shrinks

To make a bullish bet, options traders bought around 25,000 contracts of the July 24 expiration, $7.50 strike calls in the first half of the session. More than 90,000 contracts were traded by the end of the day. Najarian joined them and he likes the idea that he has more than two full weeks to be in the trade.

Michael Farr commented that he would not be a buyer of Macy's. The trade is speculative for him and he is worried about its 22% dividend yield. Farr sees the stock as too risky and he believes there are better stocks to buy.


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Posted-In: CNBC Fast Money Halftime Report Jon Najarian Michael FarrOptions Markets Media Best of Benzinga

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