Wayfair put volume heavy and directionally bearish

Bearish flow noted in Wayfair with 18,726 puts trading, or 2.0x expected. Most active are Mar-23 30 puts and 3/10 weekly 34 calls, with total volume in those strikes near 5,700 contracts. The Put/Call Ratio is 2.40, while ATM IV is up nearly 7 points on the day. Earnings are expected on May 4th.