Barington Capital issued a laundry list of requests for the retailer
Macy's Inc (NYSE:M) stock is up 4% to trade at $17.08 at last glance, following a laundry list of requests from Barington Capital. The activist investor group asked the retail giant to create a real estate unit, modify its capital allocation plan, and reassess alternatives for its Bloomingdale’s and Bluemercury operations.
The shares are trading above the $17 region for the first time since August, bouncing off a pullback that came close to their Sept. 11, year-to-date low of $14.06. Longer term, Macy's stock carries a 15.3% year-to-date deficit.
Options traders lean overwhelmingly bearish toward M. This is per the equity's Schaeffer's put/call open interest ratio (SOIR) of 1.16, which sits higher than 78% of readings from the past 12 months.