Bearish flow noted in Delta Air Lines (DAL) with 15,316 puts trading, or 1.1x expected. Most active are 6/27 weekly 46 puts and Jun-25 46 puts, with total volume in those strikes near 3,100 contracts. The Put/Call Ratio is 1.62, while ATM IV is up nearly 3 points on the day. Earnings are expected on July 10th.
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