Bearish flow noted in American Express (AXP) with 1,370 puts trading, or 1.3x expected. Most active are Dec-26 330 puts and Jan-27 330 puts, with total volume in those strikes near 380 contracts. The Put/Call Ratio is 1.78, while ATM IV is up nearly 2 points on the day. Earnings are expected on January 30th.
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