Bearish options flow identified in American Airlines (AAL), with shares down 48c near $12.59. Options volume nearly triple the daily average with 207k contracts traded and puts leading calls for a put/call ratio of 2.79, compared to a typical level near 1.08. Implied volatility (IV30) is higher by 1.8 points near 55.22,in the top quartile of the past year, suggesting an expected daily move of $0.44. Put-call skew steepened, indicating increased demand for downside protection.
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