Moderately bullish activity in Chipotle (CMG), with shares up 44c, or 1.13%, near $39.77. Options volume running well above average with 76k contracts traded and calls leading puts for a put/call ratio of 0.39, compared to a typical level near 0.65. Implied volatility (IV30) is higher by 1.6 points near 34.8,and above the 52wk median, suggesting an expected daily move of $0.87. Put-call skew steepened, indicating increased demand for downside protection.
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