Bearish flow noted in Cisco with 12,304 puts trading, or 1.8x expected. Most active are 8/9 weekly 45.5 puts and 8/9 weekly 43.5 puts, with total volume in those strikes near 2,500 contracts. The Put/Call Ratio is 1.55, while ATM IV is up over 2 points on the day. Earnings are expected on August 14th.
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