Puts Rolled on Macy’s (M)

Shares of Macy’s Inc. M are higher on the session by 0.57%, currently trading at $17.51. The stock has been drifting lower and lower over the past three months and is trading below both the 50-day and 200-day moving averages. Options traders are rolling put positions in the name today. The July $20.00 put was sold 3,500 times, on or near the bid, on open interest of 3,331 contracts and the August $16 put was purchased 3,000 times, on or near the offer, on open interest of just 1,539 contracts. This represents a trader taking profits on their in-the-money puts and using the proceeds to enter into a more highly leveraged downside position. Put volume is now running at 2.5x the daily average. Macy's, Inc. is a retail organization operating retail stores and internet websites under two brands (Macy's and Bloomingdale's), which sell a range of merchandise, including men's, women's and children's apparel and accessories, cosmetics, home furnishings and other consumer goods in 45 states, the District of Columbia, Guam, and Puerto Rico.