Bearish flow noted in Interactive Brokers (IBKR) with 1,656 puts trading, or 1.7x expected. Most active are May-25 165 puts and May-25 140 puts, with total volume in those strikes near 1,100 contracts. The Put/Call Ratio is 2.42, while ATM IV is up over 1 point on the day. Earnings are expected on July 15th.
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