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Arconic put volume heavy and directionally bearish

Bearish flow noted in Arconic with 4,902 puts trading, or 1.7x expected. Most active are May-23 24 puts and May-23 26 calls, with total volume in those strikes near 5,200 contracts. The Put/Call Ratio is 2.56, while ATM IV is up over 1 point on the day. Earnings are expected on May 2nd.

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