Wayfair put volume heavy and directionally bearish

Bearish flow noted in Wayfair with 11,928 puts trading, or 1.6x expected. Most active are Jan-23 40 puts and Jan-23 30 puts, with total volume in those strikes near 7,500 contracts. The Put/Call Ratio is 4.42, while ATM IV is up nearly 6 points on the day. Earnings are expected on February 23rd.