Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in Macy's Inc (M), where a total volume of 43,389 contracts has been traded thus far today, a contract volume which is representative of approximately 4.3 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 85.6% of M's average daily trading volume over the past month, of 5.1 million shares..