Bearish flow noted in Lennar (LEN) with 2,517 puts trading, or 1.1x expected. Most active are Sep-25 135 puts and Jan-25 190 calls, with total volume in those strikes near 1,100 contracts. The Put/Call Ratio is 1.70, while ATM IV is up over 1 point on the day. Earnings are expected on December 19th.
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