Bearish flow noted in EchoStar (SATS) with 3,168 puts trading, or 5x expected. Most active are Dec-25 41 puts and Jun-26 125 calls, with total volume in those strikes near 3,500 contracts. The Put/Call Ratio is 2.69, while ATM IV is up nearly 3 points on the day. Earnings are expected on February 26th.
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