Bearish flow noted in Tapestry (TPR) with 1,453 puts trading, or 1.6x expected. Most active are Apr-25 72.5 puts and Mar-25 87 puts, with total volume in those strikes near 1,100 contracts. The Put/Call Ratio is 1.70, while ATM IV is up over 2 points on the day. Earnings are expected on May 8th.
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