Bearish flow noted in Shake Shack with 2,399 puts trading, or 1.5x expected. Most active are 8/23 weekly 100 puts and 8/23 weekly 101 puts, with total volume in those strikes near 1,700 contracts. The Put/Call Ratio is 3.04, while ATM IV is up over 3 points on the day. Earnings are expected on October 31st.
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