Bearish flow noted in Calumet (CLMT) Specialty Products with 2,361 puts trading, or 2.0x expected. Most active are Jan-27 5 puts and Aug-25 16 puts, with total volume in those strikes near 2,100 contracts. The Put/Call Ratio is 7.18, while ATM IV is up nearly 5 points on the day. Earnings are expected on May 12th.
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