Bearish flow noted in Wayfair (W) with 2,366 puts trading, or 1.4x expected. Most active are Mar-25 32 calls and 4/4 weekly 28.5 puts, with total volume in those strikes near 1,500 contracts. The Put/Call Ratio is 1.74, while ATM IV is up over 1 point on the day. Earnings are expected on May 1st.
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