Moderately bullish activity in Chipotle (CMG), with shares up 34c, or 0.9%, near $38.59. Options volume relatively light with 31k contracts traded and calls leading puts for a put/call ratio of 0.25, compared to a typical level near 0.82. Implied volatility (IV30) is higher by 3.6 points near 48.25,in the top quartile of the past year, suggesting an expected daily move of $1.17. Put-call skew steepened, indicating increased demand for downside protection.
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