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International Paper put volume heavy and directionally bearish

Bearish flow noted in International Paper with 5,750 puts trading, or 4x expected. Most active are Jun-24 38 puts and Jul-24 37.5 puts, with total volume in those strikes near 5,000 contracts. The Put/Call Ratio is 2.48, while ATM IV is up nearly 5 points on the day. Earnings are expected on July 25th.

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