Put Buying Activity in Macy's (M) Amid 5-Day Rally, Targets 8% Downside in Shares into May 16th Earnings Announcement -Susquehanna

Susquehanna options strategist Alison Edwards notes put buying activity in Macy's (NYSE: M), an an investor purchased19k May 30 Puts for $3.00 to $3.25, targeting an 8% pullback into mid-May. The investor gains exposure to earnings on 5/16 (2 days before expiry).

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