Bearish flow noted in Cenovus Energy (CVE) with 5,893 puts trading, or 4x expected. Most active are Dec-25 15 puts and Jan-26 20 calls, with total volume in those strikes near 5,600 contracts. The Put/Call Ratio is 5.52, while ATM IV is up over 3 points on the day. Earnings are expected on October 30th.
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