Unusual Bearish Options Activity in Shopify (SHOP) Targets 12% Downside Into Earnings on May 1st -Susquehanna

Susquehanna options strategist Alison Edwards notes bearish options activity in Shopify (NYSE: SHOP), as an opening investor bought 2400 Jul 110 Puts for $8.50, into earnings on May 1st, with the position targeting 12% downside by expiry.

The trade is nearly equal to the 90d average put volume of ~3100

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