Bearish flow noted in Shopify (SHOP) with 12,004 puts trading, or 4x expected. Most active are May-26 80 puts and 5/22 weekly 75 puts, with total volume in those strikes near 10,500 contracts. The Put/Call Ratio is 5.19, while ATM IV is up over 2 points on the day. Earnings are expected on May 7th.
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