Mixed options sentiment in Carvana (CVNA), with shares down 14c near $316.71. Options volume relatively light with 15k contracts traded and calls leading puts for a put/call ratio of 0.85, compared to a typical level near 1.55. Implied volatility (IV30) dropped 0.07 near 90.65, in the highest 10% of observations over the past year, suggesting an expected daily move of $18.08. Put-call skew steepened, indicating increased demand for downside protection, following a downgrade to Neutral at BofA.
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