Bearish flow noted in Fedex with 5,016 puts trading, or 1.7x expected. Most active are 9/13 weekly 275 puts and Aug-24 290 calls, with total volume in those strikes near 3,900 contracts. The Put/Call Ratio is 3.45, while ATM IV is up over 1 point on the day. Earnings are expected on September 19th.
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