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Flagstar Financial Inc put volume heavy and directionally bearish

Bearish flow noted in Flagstar Financial (FLG) Inc with 2,136 puts trading, or 1.5x expected. Most active are Jul-25 9 puts and Jan-26 3.5 (nonstd FLG1) puts, with total volume in those strikes near 2,100 contracts. The Put/Call Ratio is 11.36, while ATM IV is up nearly 2 points on the day. Earnings are expected on July 24th.

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