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Bath & Body Works put volume heavy and directionally bearish

Bearish flow noted in Bath & Body Works (BBWI) with 19,034 puts trading, or 2x expected. Most active are Nov-25 20 puts and 11/28 weekly 20 puts, with total volume in those strikes near 16,700 contracts. The Put/Call Ratio is 11.48, while ATM IV is up over 2 points on the day. Earnings are expected on November 20th.

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