Bearish flow noted in Wayfair (W) with 4,999 puts trading, or 1.0x expected. Most active are Aug-25 47.5 puts and 6/27 weekly 48 puts, with total volume in those strikes near 3,000 contracts. The Put/Call Ratio is 2.30, while ATM IV is up nearly 2 points on the day. Earnings are expected on July 31st.
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