Bearish flow noted in Cloudflare (NET) with 8,663 puts trading, or 3x expected. Most active are 1/24 weekly 114 puts and Feb-25 115 puts, with total volume in those strikes near 4,600 contracts. The Put/Call Ratio is 1.86, while ATM IV is up nearly 8 points on the day. Earnings are expected on February 13th.
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