Wayfair put volume heavy and directionally bearish

Bearish flow noted in Wayfair with 23,555 puts trading, or 1.1x expected. Most active are Mar-23 50 puts and 3/3 weekly 85 calls, with total volume in those strikes near 8,100 contracts. The Put/Call Ratio is 1.78, while ATM IV is up nearly 3 points on the day. Earnings are expected on February 23rd.