Bearish flow noted in Chipotle (CMG) with 6,984 puts trading, or 1.3x expected. Most active are Jun-26 37.2 puts and 4/24 weekly 36.5 calls, with total volume in those strikes near 2,600 contracts. The Put/Call Ratio is 1.80, while ATM IV is up over 1 point on the day. Earnings are expected on April 29th.
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