Bearish flow noted in AT&T (T) with 18,865 puts trading, or 1.3x expected. Most active are Aug-25 26.5 puts and Sep-25 21 puts, with total volume in those strikes near 12,500 contracts. The Put/Call Ratio is 2.05, while ATM IV is up over 1 point on the day. Earnings are expected on October 22nd.
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