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M

Macy's

$32.17

-1.33 (-3.97%)

12:00
10/17/18
10/17
12:00
10/17/18
12:00

Large option blocks in Macy's as shares fall

Large option blocks in Macy's as shares fall. The stock down $1.50 to $32 amid weakness in the retailers and the top option trades: 55K Nov 32 puts at $2.03, 30K Nov 29 puts for 89c, 30K Nov 30 puts for $1.21, along with 10K Nov 39 calls at 19c. Nov 32s appear to close long puts opened 9/26, when 30K trade for 97c, and 10/9 when 25K opened for $1.51. The Nov 39 calls are possibly closing as well, while the 30K Nov 29 and 30K Nov 30 puts open - likely part of a hedging strategy against stock. Separately, 10K Nov 2nd - Nov 9th 35 call spreads trade for 17c and the timespread reflects a view that shares will hold below $35 through 11/2, but then rally into 11/9 (which is the company's estimated earnings reporting date). Lastly, 2K Nov 27 - 30, 2X1, put spreads trade for 32c and likely rolls long puts down three strikes, while doubling position size. Total volume is 7X daily average at 128K puts and 57K calls.

M Macy's
$32.17

-1.33 (-3.97%)

08/16/18
DBAB
08/16/18
NO CHANGE
Target $35
DBAB
Hold
Macy's results not enough to change negative sentiment, says Deutsche Bank
Deutsche Bank analyst Paul Trussell maintained a Hold rating on Macy's but raised his price target to $35 from $33 following the company's "solid" Q2 results, which he says are "not enough to change negative investor sentiment," as many retailers face tough compares in 2H and an unfavorable calendar while having lofty valuations. While he comments management on delivering solid improvement in the quarter, Trussell believes valuation had become stretched into the print, leaving little room for error.
08/16/18
RBCM
08/16/18
NO CHANGE
Target $39
RBCM
Sector Perform
Macy's sell-off is 'the function of profit taking', says RBC Capital
RBC Capital analyst Brian Tunick kept his Sector Perform rating and $39 price target on Macy's after its Q2 results, saying the earnings were "solid" and the outlook for the rest of FY18 was encouraging. The analyst believes that the selloff after the results was a "function of profit taking", with the stock having risen about 70% year-to-date, along with a more challenging comparisons in the second half of the year. Tunick states that he expects Macy's business momentum and initiatives to allow it to achieve its FY18 guidance.
09/03/18
GSCO
09/03/18
INITIATION
Target $33
GSCO
Sell
Macy's initiated with a Sell at Goldman Sachs
Goldman Sachs started Macy's with a Sell rating and $33 price target. The firm initiated the Apparel & Accessories space with an Attractive view on department stores and off-price retailers.
09/04/18
GSCO
09/04/18
INITIATION
Target $73
GSCO
Conviction Buy
Goldman starts Nordstrom with Conviction Buy, Macy's with Sell
Goldman Sachs analyst Alexandra Walvis initiated coverage of the Apparel & Accessories Retail sector with an Attractive coverage view. The analyst sees an "ongoing role for select best-in-class brick and mortar retailers" and feels "underappreciated business models" offer upside in select stocks. Walvis initiated coverage of Nordstrom (JWN) with a Buy rating and $73 price target and added the shares to her firm's Conviction List. The company offers a "full price business with a strong omnichannel offer and premium curated product," the analyst tells investors in a research note. On the other side, Walvis started Macy's (M) with a Sell rating and $33 price target. The company's strategic initiatives are insufficient to offset traffic headwinds for its portfolio of large, mall-based stores, Walvis contends. The analyst also put Buy ratings on Kohl's (KSS) and TJX (TJX), and Neutral ratings on Burlington Stores (BURL) and Ross Stores (ROST).

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