Bearish flow noted in Gap (GAP) Inc with 1,790 puts trading, or 1.6x expected. Most active are Jun-26 23 puts and Jun-26 22 puts, with total volume in those strikes near 1,300 contracts. The Put/Call Ratio is 2.50, while ATM IV is up nearly 5 points on the day. Earnings are expected on May 28th.
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