Bearish options flow identified in Shopify (SHOP), with shares down $1.61 near $126.19. Options volume relatively light with 4604 contracts traded and puts leading calls for a put/call ratio of 1.49, compared to a typical level near 0.78. Implied volatility (IV30) is higher by 2.1 points near 57.91,and above the 52wk median, suggesting an expected daily move of $4.60. Put-call skew steepened, indicating increased demand for downside protection.
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