Bearish flow noted in Las Vegas Sands (LVS) with 2,260 puts trading, or 1.1x expected. Most active are Jan-26 65 puts and Dec-25 65 puts, with total volume in those strikes near 1,100 contracts. The Put/Call Ratio is 2.75, while ATM IV is up nearly 3 points on the day. Earnings are expected on January 28th.
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