Those calls (learn more) lock in the price investors must pay to buy shares in the high-flying retailer, which is back near its 52-week high of $42.17 from early May. They could generate some nice leverage in the event of a rally, but will also expire worthless if the shares don’t move.
The mojo kicked in shortly after because Macy’s shares advanced as Friday's session progressed, pushing those calls as high as $0.94 near the close. The stock ended up 2.13 percent to $39.75.
Total option volume in the name was more than triple the daily average, with calls outnumbering puts (learn more) by 10 to 1.
—By CNBC Contributor David Russell
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David Russell is a reporter and writer for OptionMonster. Russell has no position in Macy’s.