Bearish flow noted in Johnson Controls (JCI) with 1,246 puts trading, or 1.3x expected. Most active are Dec-25 110 puts and Dec-25 120 calls, with total volume in those strikes near 1,100 contracts. The Put/Call Ratio is 4.74, while ATM IV is up over 4 points on the day. Earnings are expected on February 4th.
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