TD Ameritrade Chief Strategist JJ Kinahan spoke to Benzinga ahead of Macy's, Inc. M Q1 earnings release.
Kinahan noted that March $70 and $65 Calls saw significant buying action on Monday morning with approximately 10 times the normal amount of Call buying.
According to Kinahan, based on implied volatility, the market expected a 4.3 percent move (up or down) following the earnings release.
Heading into its Q1 announcement, Macy's closed Monday at $64.16.
Kevin Riley and Brianna Valleskey contributed to this report.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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