Bearish options flow identified in Delta Air Lines (DAL), with shares down $1.94 near $51.27. Options volume relatively light with 25k contracts traded and puts leading calls for a put/call ratio of 1.25, compared to a typical level near 1.0. Implied volatility (IV30) is higher by 0.8 points near 38.72,and below the 52wk median, suggesting an expected daily move of $1.25. Put-call skew steepened, indicating increased demand for downside protection.
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