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Constellation Energy put volume heavy and directionally bearish

Bearish flow noted in Constellation Energy (CEG) with 4,297 puts trading, or 2.0x expected. Most active are Dec-25 340 puts and Nov-25 330 puts, with total volume in those strikes near 2,200 contracts. The Put/Call Ratio is 2.36, while ATM IV is up nearly 4 points on the day. Earnings are expected on February 17th.

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