Bearish flow noted in Alcoa (AA) with 3,731 puts trading, or 1.0x expected. Most active are Jul-25 32 puts and Aug-25 35 calls, with total volume in those strikes near 2,100 contracts. The Put/Call Ratio is 1.93, while ATM IV is up nearly 3 points on the day. Earnings are expected on July 16th.
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