Bearish flow noted in Tapestry (TPR) with 6,738 puts trading, or 3x expected. Most active are May-25 40 puts and Feb-25 42.5 puts, with total volume in those strikes near 3,300 contracts. The Put/Call Ratio is 2.22, while ATM IV is up over 1 point on the day. Earnings are expected on February 6th.
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