Bearish flow noted in First Horizon (FHN) with 8,433 puts trading, or 36x expected. Most active are Jan-28 13 puts and Jan-28 20 puts, with total volume in those strikes near 8,200 contracts. The Put/Call Ratio is 7.69, while ATM IV is up nearly 3 points on the day. Earnings are expected on April 15th.
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- First Horizon put volume heavy and directionally bearish