Bearish flow noted in Coherent (COHR) with 6,239 puts trading, or 2.0x expected. Most active are Jan-27 300 puts and 3/6 weekly 250 puts, with total volume in those strikes near 4,100 contracts. The Put/Call Ratio is 1.56, while ATM IV is up over 3 points on the day. Earnings are expected on May 6th.
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