Bearish flow noted in Chipotle (CMG) with 32,398 puts trading, or 1.8x expected. Most active are Feb-26 32 puts and Feb-26 31 puts, with total volume in those strikes near 26,000 contracts. The Put/Call Ratio is 2.93, while ATM IV is up over 1 point on the day. Earnings are expected on April 22nd.
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