Retail Stock Hits Record High on Raised Profit Forecast

Calls are outpacing puts in the options pits

Fernanda Horner

Digital Content Manager

Aug 21, 2024 at 3:02 PM

The retail sector is in focus today, with earnings from Macy's (M) and Target (TGT) to unpack. TJX Companies Inc (NYSE:TJX) also announced quarterly results earlier, with both its top- and bottom-line beating analysts' expectations for the second quarter. At last check, TJX was up 6.2% to trade at $120.40, after the company also raised its full-year profit forecast.

The shares surged to a record high of $120.89 earlier, and are on track for their third-straight daily pop and best single-day percentage gain since April 2022. After bouncing off the 60-day moving average, TJX Companies stock now boasts a 28.2% year-to-date lead.

TJX 60 Day

Options volume is running at six times the intraday average amount, with 43,000 calls and 20,000 puts exchanged so far today. Most popular is the weekly 8/23 120-strike call, where positions are being opened.

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