Macy's Readies to Report Q2 Earnings

The equity rarely turns in a negative next-day session

Deputy Editor
Aug 17, 2023 at 12:08 PM
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Macy's Inc (NYSE:M) will join the growing list of retailers to report earnings, with its second-quarter report due out before the open on Tuesday, Aug. 22. Last seen 1% higher at $15.25, the stock is on track biggest daily pop since Aug. 4, though long-term pressure from its 110-day moving average is still weighing.

M Chart August 172023

An upbeat earnings report could prove a boon for Macy's stock, as it has a history of impressive post-earnings pops. In fact, looking back two years, the security managed a next-day win seven out of eight times, with its last negative performance posted in February 2022. The security averaged a 12% next-day swing during this time period, regardless of direction, which is smaller than the 13.8% move options players are pricing in this time around.  

Speaking of the options pits, bullish bets are more popular than usual. This is per the stock's 50-day call/put volume ratio of 2.75 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) that sits higher than all other readings from the past year.

An unwinding of short interest could add even more tailwinds, too. Though short interest added 3.1% over the last two weeks, the 20.64 million shares sold short account for 7.6% of M's total available float.


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