Bearish flow noted in CF Industries (CF) with 3,934 puts trading, or 1.3x expected. Most active are Mar-25 75 puts and May-25 70 puts, with total volume in those strikes near 2,600 contracts. The Put/Call Ratio is 7.67, while ATM IV is up over 1 point on the day. Earnings are expected on May 7th.
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