Bearish flow noted in Annaly Capital (NLY) with 3,536 puts trading, or 3x expected. Most active are Jul-25 19.5 puts and Sep-25 18 puts, with total volume in those strikes near 1,900 contracts. The Put/Call Ratio is 2.45, while ATM IV is up nearly 2 points on the day. Earnings are expected on July 23rd.
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