Macy's Inc announces job cuts before they announce job cuts....

Sat Jan 31st - Macy's Inc. is set to cut costs by further centralizing its operations, The New York Post reported in its Saturday editions. According to sources, Macy's is expected to announce next week that it's consolidating its regional operating divisions and could lay off hundreds, and possibly thousands, of workers.

the following Monday the stock opens unchanged at $9 and everything is good until 1pm when they announce cuts to 7,000 jobs, a 5 cent cut to the dividend and cuts to the capital budget.

The stock falls like a rock to $8 in half an hour. Puts increase 50%.