Wayfair put volume heavy and directionally bearish

Bearish flow noted in Wayfair with 42,890 puts trading, or 3x expected. Most active are Mar-23 45 puts and 1/27 weekly 55 puts, with total volume in those strikes near 14,500 contracts. The Put/Call Ratio is 1.77, while ATM IV is up nearly 2 points on the day. Earnings are expected on February 23rd.