Bearish flow noted in 3M (MMM) with 6,531 puts trading, or 8x expected. Most active are Jul-25 145 puts and 7/3 weekly 150 puts, with total volume in those strikes near 3,800 contracts. The Put/Call Ratio is 1.83, while ATM IV is up nearly 2 points on the day. Earnings are expected on July 18th.
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