Shares of Macy's Inc jumped 9 percent on Friday amid speculation that the department store operator was being targeted for a takeover.
Macy's shares rose US$3.52 to US$42.39. Their 52-week range is US$32.57 to US$46.70.
"The sheer movement of the stock and the volume of the calls would lead me to believe that people tend to think that there's something imminent coming out," said Andrew Wilkinson, senior market analyst at Interactive Brokers Group.
Macy's spokeswoman Sharon Bateman declined to comment.
Macy's, formerly known as Federated Department Stores Inc, has faced investor scrutiny as it struggles to transform its acquired May Department Stores Co branches to the Macy's brand, resulting in lackluster sales. The company has also blamed weak demand for home goods.
Separately, upscale US retailer Barney's New York is being sold to a Dubai state-owned investment firm for US$825 million in cash, Barney's parent Jones Apparel Group announced on Friday.
Jones said it signed a definitive agreement to sell its wholly owned subsidiary Barney's to Istithmar, a Dubai-based private equity and alternative investment house.
"We are very pleased to enter into this transaction, which realizes significant value for our investment in Barney's and provides us with the opportunity to use the net proceeds to enhance shareholder value," said Peter Boneparth, president and chief executive of Jones, which also owns the brands Evan-Picone, Gloria Vanderbilt, Nine West and Easy Spirit.
Istithmar is owned by Dubai World, which in turn is wholly owned by the Dubai government.
Under the Jones group, Barney's operates flagship stores in New York, Beverly Hills, Chicago, Boston and Dallas as well as several regional "warehouse" stores and others under the CO-OP Barney's name.
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