Bearish flow noted in CarMax with 4,673 puts trading, or 1.5x expected. Most active are Oct-23 80 puts and Oct-23 87.5 calls, with total volume in those strikes near 3,000 contracts. The Put/Call Ratio is 2.35, while ATM IV is up nearly 2 points on the day. Earnings are expected on September 28th.
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