Macy's Stock Rises on Revised Buyout Offer

Call volume is running at 5 times the intraday average

Deputy Editor
Mar 4, 2024 at 10:34 AM
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Macy's Inc (NYSE:M) is 16.1% higher at $20.92 this morning, after Arkhouse Management revised its buyout offer. Specifically, Arkhouse and Brigade Capital Management raised their buyout offer for the department store giant to $24 per share, or about $6.6 billion. 

Call traders are piling on M after the news. Already, more than 26,000 bullish bets -- or 5 times the intraday average volume -- have crossed the tape, compared to just 12,000 puts. Most popular by far is the April 21 call, followed by the 23 call in the same monthly series. 

Premium can be had for a bargain right now, per Macy's stock's Schaeffer's Volatility Index (SVI) of 53% that stands in the relatively low 21st percentile of readings from the past year. This suggests options traders are now pricing in lower-than-usual volatility expectations. What's more, the equity tends to outperform said volatility expectations, per its Schaeffer's Volatility Scorecard (SVS) tally of 73 out of 100.

On the charts, M is hovering just below its year-to-date highs. The security just broke above its 2024 breakeven mark, after the $17 area saved it for the second time this year. 

 

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