Moderately bullish activity in Chipotle with shares down 1.67%

Moderately bullish activity in Chipotle (CMG), with shares down 70c near $40.94. Options volume roughly in line with average with 103k contracts traded and calls leading puts for a put/call ratio of 0.22, compared to a typical level near 0.5. Implied volatility (IV30) is higher by 1.1 points near 51.17, in the highest 10% of observations over the past year, suggesting an expected daily move of $1.32. Put-call skew flattened, suggesting a modestly bullish tone, following an upgrade to Positive at BWG Global.