Bearish flow noted in Chewy (CHWY) with 11,853 puts trading, or 11x expected. Most active are Feb-26 27.5 puts and 2/6 weekly 30 calls, with total volume in those strikes near 11,500 contracts. The Put/Call Ratio is 8.39, while ATM IV is up over 1 point on the day. Earnings are expected on March 25th.
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