Fly News Breaks for August 16, 2018
Aug 16, 2018 | 07:49 EDT
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.
News For M From the Last 2 Days
Feb 21, 2019 | 12:30 EDT
Earnings hedge opened in Macy's. The stock of 20c to $24.82 and one player buys 10K mar 1st 23.5 puts for 58c and buys 15K Mar 24 puts for $1.07, untied. Both blocks are being opened ahead of a profit report on the morning of 2/26. Shares lost 7.2% to $33.22 on 11/14 after the last release and have shed another 25% since that time. Average daily post earnings move over the past eight quarters is 8.9%. Big put buyer today is expressing concerns that next week's move will be to the downside.