Bearish flow noted in CarMax with 1,973 puts trading, or 1.1x expected. Most active are Jan-24 62.5 puts and Nov-23 63 puts, with total volume in those strikes near 1,600 contracts. The Put/Call Ratio is 6.80, while ATM IV is up over 3 points on the day. Earnings are expected on December 21st.
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