Macy's Stock Soars After New Takeover Bid

Options volume is running at 8 times the intraday average

Jake Scott

Deputy Editor

Jul 5, 2024 at 10:17 AM

Shares of Macy's Inc (NYSE:M) are 9.8% higher at $19.68 at last check, after an investor group hiked its buyout offer. Specifically, according to a Wall Street Journal report, Arkhouse Management and Brigade Capital reportedly raised its takeover bid to $24.80 per share -- an extra $300 million.

On the charts, M is trading at its highest level since late May. The equity is eyeing its biggest single-day percentage gain since March. Macy's stock now stands more than 23.3% higher over the last 12 months, and its closing in on its year-to-date breakeven level.

The options pits are seeing unusually high activity today, with 21,000 calls and 6,714 puts traded so far, which is 8 times the intraday average volume. Most popular is the July 19 call, followed by the August 20 call.

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