Bearish flow noted in American Airlines with 25,205 puts trading, or 1.8x expected. Most active are 7/26 weekly 10.5 puts and Aug-24 11 puts, with total volume in those strikes near 15,700 contracts. The Put/Call Ratio is 2.94, while ATM IV is up over 1 point on the day. Earnings are expected on July 25th.
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