Macy's Shares and Call Options Rally on Takeover Speculation
Shares of Macy's rallied on Friday amid speculation that the retailer was ripe for a akeover.
The company's shares surged on higher-than-average volume.
"There is unusual share and option activity in Macy's as rumors circulate that it will be acquired," said William Lefkowitz, an options strategist at brokerage firm vFinance Investments.
"The takeover price has high as $50 has been mentioned. No suitor has been mentioned," he said.
A representative of Macy's, formerly known as Federated Department Stores, was not immediately available to comment.