Bearish flow noted in Delta Air Lines (DAL) with 17,272 puts trading, or 1.6x expected. Most active are Jun-25 47.5 puts and Jun-25 45 puts, with total volume in those strikes near 3,000 contracts. The Put/Call Ratio is 1.58, while ATM IV is up nearly 2 points on the day. Earnings are expected on July 10th.
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