Bearish flow noted in 3M (MMM) with 2,093 puts trading, or 1.6x expected. Most active are Jul-26 130 puts and 5/8 weekly 138 puts, with total volume in those strikes near 1,400 contracts. The Put/Call Ratio is 2.04, while ATM IV is up nearly 2 points on the day. Earnings are expected on July 21st.
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