Bearish flow noted in Delta Air Lines (DAL) with 20,730 puts trading, or 8x expected. Most active are Feb-26 67.5 puts and Jan-26 55 puts, with total volume in those strikes near 10,300 contracts. The Put/Call Ratio is 2.75, while ATM IV is up over 2 points on the day. Earnings are expected on January 13th.
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