Bearish flow noted in American Airlines (AAL) with 25,116 puts trading, or 1.1x expected. Most active are Jul-25 11.5 puts and 7/11 weekly 12 calls, with total volume in those strikes near 16,700 contracts. The Put/Call Ratio is 1.51, while ATM IV is up over 4 points on the day. Earnings are expected on July 24th.
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