Wayfair put volume heavy and directionally bearish

Bearish flow noted in Wayfair with 24,872 puts trading, or 3x expected. Most active are Jan-24 40 puts and Nov-23 50 puts, with total volume in those strikes near 9,000 contracts. The Put/Call Ratio is 3.46, while ATM IV is up nearly 5 points on the day. Earnings are expected on November 1st.