A revenue miss and slashed full-year sales forecast are weighing on M
Shares of Macy's Inc (NYSE:M) are tanking out of the gate, last seen down 12.1% at $15.62 after a mixed second-quarter report. The department store operator showed quarterly earnings of 53 cents per share on revenue of $4.94 billion, the former beating estimates and the latter falling short, and cut its full-year sales forecast amid struggles to get shoppers in stores and more promotions.
It's been a tough year on the charts for M, down 24% year to date as the company sets its sights on closing 150 -- roughly one third -- of its namesake stores by early 2027. Today's drop is putting Macy's stock near its Aug. 5 annual low of $14.59, and back below its 320-day moving average.
The options pits are seeing unusually high activity today, with 21,000 calls and 22,000 puts traded so far, which is 10 times the intraday average volume. Most popular is the weekly 8/23 15-strike put.