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Avis Budget put volume heavy and directionally bearish

Bearish flow noted in Avis Budget (CAR) with 2,680 puts trading, or 1.1x expected. Most active are May-25 55 puts and 3/28 weekly 51 puts, with total volume in those strikes near 1,700 contracts. The Put/Call Ratio is 2.54, while ATM IV is up over 2 points on the day. Earnings are expected on April 30th.

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