Macy's has been falling for months, but one trader is predicting an end to the bloodletting.
optionMONSTER systems detected the sale of 3,000 November 50 puts for $2.04 this morning, below the listed bid price on a wide bid/ask spread. This is clearly a new position, as the volume was more than 10 times the previous open interest in that strike.
The put seller is looking for M to stay above $50 through expiration in mid-November. If the stock falls below that strike price, the trader will be on the hook to buy shares at that level. (See our Education section)
M is down 0.22 percent to $54.98 today, its lowest level since February. The department-store operator reached an all-time high of $61.26 a month ago and was above $58 last week.
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