Bearish flow noted in Johnson & Johnson (JNJ) with 16,387 puts trading, or 1.7x expected. Most active are 9/5 weekly 175 puts and 9/5 weekly 180 calls, with total volume in those strikes near 6,800 contracts. The Put/Call Ratio is 1.88, while ATM IV is up over 1 point on the day. Earnings are expected on October 14th.
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