Notable Tuesday Option Activity: M, UA, CBOE

Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in Macy's Inc (M), where a total volume of 52,441 contracts has been traded thus far today, a contract volume which is representative of approximately 5.2 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 61% of M's average daily trading volume over the past month, of 8.6 million shares..