Macy's cited its turnaround plan for its quarterly win
Retail concern Macy's Inc (NYSE:M) stepped into the earnings confessional this morning, where it reported better-then-expected first-quarter earnings and raised its full-year guidance. The department store chain said its turnaround plan was the key catalyst for its beat-and-raise.
In response, M was last seen up 3.8% at $19.79. The equity is bouncing back above its contentious 60-day moving average, but the $20 mark continues to keep a lid on potential breakouts. Today's gains are also helping Macy's stock close in on its slim year-to-date deficit, as it also adds to a 30.1% year-over-year gain.
Today's trading has seen 3,917 calls and 3,715 puts exchanged hands so far, with overall volume running at six times the intraday average. The most popular contract is the May 19 call, followed by the 20 call in the same monthly series.
This denotes a slight shift sentiment in the options pits. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Macy's stock sports a 10-day put/call volume ratio that stands higher than 86% of readings from the past year. In other words, puts have been picked up at a quicker-than-usual clip during the past two weeks.