Macy’s Jumps on SSS Increase (M)

Shares of Macy’s Inc. M are popping higher this morning by 1.59%, currently trading at $19.75. The company said that its July same-store sales rose 7.3%, which is quite a beat considering the Street consensus was at 5.9%. Total sales for the four weeks ended July 31 rose 11% to $1.53 billion. The stock is now sitting right on the 50-day and 200-day moving averages. If some anxious shorts get caught up in a technically driven rally, you could see the stock pop significantly from here, towards at least $22.00. Some options traders are betting just that as the August $20.00 call was purchased 2,000 times on open interest of 5,698 contracts earlier in the session. Same-store sales includes only stores open at least one year. Macy's, Inc. is a retail organization operating retail stores and internet websites under two brands (Macy's and Bloomingdale's) that 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.