Bearish flow noted in Calumet (CLMT) Specialty Products with 4,528 puts trading, or 3x expected. Most active are Jan-26 10 puts and Jun-25 15 puts, with total volume in those strikes near 2,000 contracts. The Put/Call Ratio is 1.98, while ATM IV is up nearly 27 points on the day. Earnings are expected on May 12th.
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