Wayfair put volume heavy and directionally bearish

Bearish flow noted in Wayfair (W) with 4,429 puts trading, or 1.1x expected. Most active are 11/28 weekly 95 puts and Dec-25 92.5 puts, with total volume in those strikes near 2,000 contracts. The Put/Call Ratio is 1.89, while ATM IV is up nearly 2 points on the day. Earnings are expected on February 19th.