Options flow in TJX is 7x normal today with significant put trading as shares trade near $19.90, down 1.04 . Briefing notes a downgrade from Jefferies this morning, and most of the put volume is due to a bearish ratio spread in which a customer bought 3000 Dec 20 puts for 1.45 against a sale of 6000 Dec 17.5 puts for 35cents. For the net debit of 75cents, maximum gains are realized if shares are at 17.5 in 15 days on December expiration.