Bearish options flow identified in Delta Air Lines (DAL), with shares down 48c near $68.50. Options volume relatively light with 32k contracts traded and puts leading calls for a put/call ratio of 1.87, compared to a typical level near 1.06. Implied volatility (IV30) is higher by 1.5 points near 44.26,and above the 52wk median, suggesting an expected daily move of $1.91. Put-call skew steepened, indicating increased demand for downside protection.
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