Bearish flow noted in Cognizant (CTSH) with 2,932 puts trading, or 1.5x expected. Most active are Apr-25 70 puts and Jun-25 60 puts, with total volume in those strikes near 2,700 contracts. The Put/Call Ratio is 5.64, while ATM IV is up nearly 4 points on the day. Earnings are expected on April 30th.
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