Bearish flow noted in Kraft Heinz (KHC) with 7,573 puts trading, or 1.9x expected. Most active are May-25 27.5 puts and 4/11 weekly 27.5 puts, with total volume in those strikes near 5,200 contracts. The Put/Call Ratio is 2.99, while ATM IV is up over 1 point on the day. Earnings are expected on April 29th.
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