Tiffany (TIF) puts more active than calls as volatility decreases as shares trade at 14-month low

Tiffany (NYSE: TIF) is recently down $5.22 to $56.57 on less than expected sales guidance. Nomura maintains its Neutral rating and say’s “Lower F12 guidance, current sales trends weak, new debt.” June 52 and 55 puts are active on total put volume of 7K puts (4K calls). June and July put option implied volatility of 35 is near its 26-week average of 35 according to Track Data.

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