Bearish flow noted in EchoStar with 5,171 puts trading, or 1.3x expected. Most active are Feb-24 12.5 puts and Dec-25 7.5 (nonstd SATS1) puts, with total volume in those strikes near 2,300 contracts. The Put/Call Ratio is 1.56, while ATM IV is up over 14 points on the day. Earnings are expected on February 22nd.
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