Wayfair put volume heavy and directionally bearish

Bearish flow noted in Wayfair with 8,749 puts trading, or 1.8x expected. Most active are Jan-25 35 puts and 6/28 weekly 51 puts, with total volume in those strikes near 3,300 contracts. The Put/Call Ratio is 1.68, while ATM IV is up nearly 5 points on the day. Earnings are expected on August 1st.