Moderately bullish activity in Chipotle with shares up 0.45%

Moderately bullish activity in Chipotle (CMG), with shares up 16c, or 0.45%, near $34.67. Options volume relatively light with 27k contracts traded and calls leading puts for a put/call ratio of 0.48, compared to a typical level near 0.88. Implied volatility (IV30) is higher by 0.8 points near 32.3,and below the 52wk median, suggesting an expected daily move of $0.71. Put-call skew steepened, indicating increased demand for downside protection.