Bearish flow noted in Alcoa (AA) with 5,691 puts trading, or 1.9x expected. Most active are 4/25 weekly 23 puts and Apr-25 22.5 puts, with total volume in those strikes near 2,000 contracts. The Put/Call Ratio is 1.55, while ATM IV is up nearly 2 points on the day. Earnings are expected on April 16th.
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