Bearish flow noted in Tapestry (TPR) with 2,698 puts trading, or 1.6x expected. Most active are 3/7 weekly 82 puts and 3/7 weekly 81 puts, with total volume in those strikes near 1,200 contracts. The Put/Call Ratio is 3.64, while ATM IV is up over 2 points on the day. Earnings are expected on May 8th.
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