Macy's announced a fourth-quarter earnings beat
Retail stock Macy's Inc (NYSE:M) is down 1.9% at 13.05, earlier hitting a 52-week low of $12.60. The company reported mixed fourth-quarter results, including better-than-expected earnings alongside a revenue miss, but investors are focusing in on the disappointing full-year guidance. Notably, CEO Tony Spring's turnaround efforts appear to be taking shape, however, with comparable sales up 0.2% -- the highest since the first quarter of 2022.
On the charts, the $16 level has been keeping rallies in check since early January. Should today's losses hold, M will only have closed one positive session since the stock was rejected there on Feb. 20. Year over year, the equity is down 33%.
Analysts have yet to chime in, but over in the options pits, 19,000 calls and 11,000 puts have been exchanged, which is five times the overall options volume typically seen at this point. The weekly 3/7 13.50-strike call is the most popular, with new positions being opened there.
Calls were more popular than usual over the past 10 weeks, too. M's 50-day call/put volume ratio of 3.82 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 92% of readings from the past year.