Bearish flow noted in Blue Owl Capital (OWL) with 5,448 puts trading, or 1.2x expected. Most active are May-25 16 puts and Jan-27 20 calls, with total volume in those strikes near 5,300 contracts. The Put/Call Ratio is 7.60, while ATM IV is up over 1 point on the day. Earnings are expected on May 1st.
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