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Hertz Global Holdings put volume heavy and directionally bearish

Bearish flow noted in Hertz (HTZ) Global Holdings with 11,467 puts trading, or 4x expected. Most active are Mar-26 3 puts and Nov-25 5 puts, with total volume in those strikes near 8,700 contracts. The Put/Call Ratio is 18.35, while ATM IV is up nearly 3 points on the day. Earnings are expected on November 4th.

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