Bearish options flow identified in Carvana with shares down 4.86%

Bearish options flow identified in Carvana (CVNA), with shares down $3.58 near $70.14. Options volume running well above average with 106k contracts traded and puts leading calls for a put/call ratio of 1.41, compared to a typical level near 1.18. Implied volatility (IV30) is higher by 2.1 points near 65.36,and above the 52wk median, suggesting an expected daily move of $2.89. Put-call skew steepened, indicating increased demand for downside protection.