Bearish flow noted in Macy’s (M) with 3,793 puts trading, or 1.4x expected. Most active are Jan-26 11 puts and Jun-25 13 calls, with total volume in those strikes near 3,200 contracts. The Put/Call Ratio is 2.67, while ATM IV is up nearly 2 points on the day. Earnings are expected on May 21st.
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