Bearish flow noted in Cleveland-Cliffs (CLF) with 9,414 puts trading, or 1.4x expected. Most active are Aug-25 9 puts and Aug-25 9.5 puts, with total volume in those strikes near 6,400 contracts. The Put/Call Ratio is 3.45, while ATM IV is up over 4 points on the day. Earnings are expected on November 3rd.
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