Bearish flow noted in Blue Owl Capital (OWL) with 29,221 puts trading, or 6x expected. Most active are Dec-25 14 puts and 12/12 weekly 15.5 puts, with total volume in those strikes near 28,800 contracts. The Put/Call Ratio is 102, while ATM IV is up over 4 points on the day. Earnings are expected on February 5th.
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