The options market was going full steam yesterday in advance of the retail stores December reports, according to the Jefferies & Co. trading desk, bets that paid off big for some, no doubt, with retailers broadly beating estimates this morning, driving several stocks higher.
There was heavy volume in buying of calls on Bed, Bath & Beyond (BBBY) yesterday, which was up $3.80, or 10%, at $43.03 this morning after last night beating fiscal Q3 estimates. Tiffany (TIF) also had large numbers of call buyers, its stock up $1.16, or 2.6%, at $46.12, as did BJ’s Wholesale Club (BJ), and Abercrombie & Fitch (ANF). Abercrombie, however, had the worst reported same-store sales for December, down 19%, versus the 12.5%. Hence, the shares are down $2.66, or 7.4%, at $33.56.
The desk notes as well that short sellers had dried up in the retail trade this morning, and long sales of department stores, especially Nordstrom (JWN), whose shares are up 89 cents, or 2.4%, at $38.31.
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