There was quite a bit of unusual options activity last week in Macy’s. The physical department store chain hasn’t been on the radar for most investors in years. In fact, department stores in general were seemingly going the way of the dodo, especially when the pandemic hit.

However, M shares got a boost in recent weeks, and the positive retail sales news (last week) looks to have made at least some investors optimistic about upcoming earnings in September. There was a decent amount of call buying in September options, which expire after earnings come out.