Bearish options flow identified in Bank of America with shares down 2.78%

Bearish options flow identified in Bank of America (BAC), with shares down $1.35 near $47.30. Options volume running well above average with 173k contracts traded and puts leading calls for a put/call ratio of 1.07, compared to a typical level near 1.06. Implied volatility (IV30) is higher by 0.1 points near 26.7,and above the 52wk median, suggesting an expected daily move of $0.80. Put-call skew steepened, indicating increased demand for downside protection, following a downgrade to Hold at HSBC.Looking ahead: Bank of America (BAC) will report earnings before the open on 2025-07-16.Option markets are pricing in a 50% probability of a move greater than 3.89% or $1.84.