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.