Macy’s Inc. shares may move as much as 5.2% on Sept. 10, when the retailer reports second-quarter earnings, according to options-based estimates compiled by Bloomberg. The projected volatility compares with a 0.6% gain on June 3, when the stock rose despite an implied move of 8.9%.
Over the past eight earnings announcements, Macy’s stock has deviated from implied options pricing in two instances. On Sept. 3, shares surged 21.9% against an 8.2% expected move, while on March 6, the stock fell 8.9% compared with a 3.9% implied range. Earlier this year, on March 18, shares declined 1.5% despite a 9.9% expected swing.
The retailer’s upcoming report follows a period of uneven performance, with the June 3 release showing limited reaction relative to projections. Options pricing reflects market expectations for a similar divergence between actual and implied moves when results are released.
